Corn futures declined on July 26, closing down between 3 to 8 ¾ cents, with July contracts settling at $4.34 ¾ and September at $4.35. The national average cash corn price fell by 9 cents to $4.04.
In ethanol production, the EIA reported a total output of 1.093 million barrels per day for the week of July 3, a decrease of 24,000 bpd from the previous week. Ethanol stocks dipped by 762,000 barrels, bringing the total to 23.928 million barrels, while exports rose by 74,000 bpd to 200,000 bpd.
The USDA will release its Export Sales report on Thursday, with expectations of old crop sales between 0.6-1.1 MMT and new crop between 600,000-900,000 MT. A monthly WASDE report will follow on Friday, forecasting old crop corn stocks to drop by 66 million bushels to 2.079 billion bushels.
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