Corn futures experienced morning gains of 2 to 3 cents on Thursday, recovering from fractionally lower prices seen in the previous day’s session. The CmdtyView national average cash corn price decreased by 2.25 cents, settling at $3.63. Preliminary open interest fell by 3,344 contracts, with 13,522 contracts exiting September.
Weekly EIA data for the week ending August 1 indicated ethanol production at 1.081 million barrels per day, a decline of 15,000 bpd from the preceding week. Ethanol stocks decreased by 960,000 barrels to 23.756 million barrels. Refiner inputs inched up by 2,000 bpd to 922,000, while exports dropped by 38,000 bpd to 116,000.
Brazil exported 2.434 million metric tons of corn in July, reflecting a 31.51% decrease year-on-year, yet surpassing June’s figures, attributed to a slower second crop harvest and significant soybean exports.
