Corn futures experienced losses of 10 to 11 cents on Wednesday, with the CmdtyView national average cash corn price dropping to $4.24 1/4, down 10 3/4 cents. Contributing to these declines, crude oil prices fell by $6.27 amid ongoing negotiations between the U.S. and Iran.
Ethanol production data for the week ending May 15 reported an output of 1.111 million barrels per day, an increase of 29,000 bpd from the prior week and 75,000 bpd higher than the same time last year. Ethanol stocks rose slightly to 24.875 million barrels, while refiner inputs increased to 917,000 bpd.
The USDA’s Export Sales report, due Thursday, is expected to show old crop corn sales ranging from 0.8 to 1.6 million metric tons, with new crop sales projected at 150,000 to 300,000 metric tons.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
