Corn futures fell by 10.5 to 12.75 cents on Wednesday, with certain deferred contracts losing 4 to 7 cents. The CmdtyView national average Cash Corn price dropped to $4.26 1/4, an 11.5 cents decrease.
Crude oil prices declined by $6.06 amid negotiations between the U.S. and Iran, potentially facilitating safe passage through the Strait of Hormuz and addressing conflict. In related data, the EIA reported an 8,000 barrel per day increase in ethanol output for the week ending May 1, bringing the total to 1.017 million bpd, and ethanol stocks rose by 139,000 barrels to 26.02 million barrels.
As traders anticipate USDA’s Weekly Export Sales report on Thursday, projections suggest 1-1.8 million metric tons of corn bookings for the old crop in the week ending April 30, with new crop contracts expected between 0-150,000 metric tons.
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