Corn futures have declined by 3 to 5 ½ cents on Wednesday, with the CmdtyView national average cash corn price falling to $3.59 1/4, down 5 3/4 cents. On Tuesday, preliminary open interest data showed a net increase of 24,510 contracts in selling.
Data from the EIA revealed that ethanol production for the week ending August 1 was 1.081 million barrels per day, a decrease of 15,000 bpd from the prior week, with stocks dropping by 960,000 barrels to 23.756 million barrels. Refiner inputs increased to 922,000 bpd, while exports fell to 116,000 bpd, down 38,000 bpd.
Additionally, a South Korean importer purchased 68,000 metric tons of corn in a tender originally set for 140,000 metric tons. In other news, President Trump plans to increase tariffs on India by 25% to 50% starting August 27 if they continue importing Russian oil.
