Corn prices saw a rise of 4 to 6 cents early Thursday, following gains of 8 to 9 cents in futures on Wednesday. As of Wednesday, open interest increased by 46,175 contracts, with 137 deliveries against March corn issued overnight. The CmdtyView national average cash corn price is now $4.17 ¾, up 8 cents. Additionally, crude oil prices have risen by $6.06.
According to EIA data released Wednesday, U.S. crude oil production increased by 31,000 barrels per day to 1.126 million barrels per day for the week ending March 6. Ethanol stocks decreased by 757,000 barrels to 25.58 million barrels, while refiner inputs rose by 37,000 bpd to 901,000 bpd. Implied gasoline demand also increased by 11.4%, reaching 9.24 million bpd.
Export sales data is anticipated to reveal corn sales for the week ending March 5, expected to range between 0.8 to 2.2 million metric tons for old crop, while new crop sales are predicted to be between 0 to 150,000 metric tons.
