Corn futures increased by 2 to 3 cents on Wednesday, recovering from a Tuesday selloff, with the CmdtyView national average Cash Corn price rising by 2 ¼ cents to $3.56 1/2. Key market values included September Corn at $3.74 (up 2 ½ cents), December Corn at $3.97 1/4 (up 2 ¾ cents), and March Corn at $4.15 (up 2 ¾ cents).
The EIA reported an increase in ethanol production to 1.093 million barrels per day for the week ending August 8, marking a 12,000 bpd rise from the previous week and a 21,000 bpd increase from last year. Ethanol stocks dropped by 1.107 million barrels to a total of 22.649 million, the lowest level since December, while exports rose by 7,000 bpd to 123,000 bpd.
For the week of August 7, traders anticipate old crop corn sales between 150,000 and 600,000 MT, with new crop bookings expected at 0.9 to 2.4 MMT. South Korean importers reported purchases totaling 266,000 MT, and the Rosario Grains Exchange projects a 15 to 20% increase in Argentina corn area for 2025/26.
