Corn futures experienced slight gains on Wednesday, with prices increasing by 1 to 2 cents. As of now, the CmdtyView national average cash corn price stands at $3.97 1/4, a decrease of ½ cent. Trading will pause on Thursday for New Year’s Day, reopening at 8:30 AM CST on Friday.
The USDA’s Export Sales report revealed that 2.2 million metric tons (MMT) of corn were sold in the week ending December 18, surpassing trader expectations of 1-2 MMT. This figure marks a 5-week high for sales and is 28.7% higher compared to the same week last year.
Additionally, EIA data for the week ending December 26 shows ethanol production rising to 1.12 million barrels per day (bpd), up by 25,000 bpd from the previous week. Ethanol stocks increased by 416,000 barrels to 22.944 million barrels, although exports decreased by 71,000 bpd to 148,000 bpd.
