Corn futures showed modest gains on Wednesday, with prices rising 1 to 2 cents. The CmdtyView national average cash corn price reached $4.41, an increase of 2 cents. There were 36 deliveries against May futures overnight.
In related data from the EIA for the week ending May 8, ethanol production increased by 65,000 barrels per day to a total of 1.082 million bpd, while stocks decreased by 1.15 million barrels to 24.87 million barrels. Ethanol exports rose to 162,000 bpd, a gain of 23,000 bpd.
The May WASDE report indicated a 15 million bushel increase in U.S. corn ending stocks, now projected at 2.142 billion bushels. Brazil’s production forecast was raised by 3 million metric tons to 135 million metric tons, and Argentina’s was increased by 7 million metric tons to 59 million metric tons.
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