Corn futures closed lower on March 27, with contracts settling down by 2 ¾ to 3 ½ cents, while the CmdtyView national average cash corn price rose ¾ cent to $4.15 ¾. Crude oil prices dropped by $2.51 amid speculation of a potential ceasefire in Iran, as President Trump is expected to address the nation later this evening.
According to the EIA, ethanol production averaged 1.075 million barrels per day for the week ending March 27, marking a decrease of 41,000 barrels per day. Ethanol stock levels dropped by 1.179 million barrels to 25.991 million barrels. Exports increased by 4,000 barrels per day to 123,000 barrels per day, while refiner inputs rose by 14,000 barrels per day to 903,000 barrels per day.
The USDA reported that February corn grind reached 424.8 million bushels, a 0.73% increase from last year but an 8% decline from January. Corn used for ethanol during the marketing year stands at 2.744 billion bushels, down 7 million bushels from the previous year, with the USDA forecasting a year-over-year increase of 111 million bushels.
