Corn futures saw gains of 1 to 2.5 cents on Wednesday, driven by a record ethanol production report from the EIA. The CmdtyView national average cash corn price rose by 2.5 cents to $3.84 3/4 per bushel.
Data released by the EIA revealed a significant week-over-week increase in ethanol production, up by 98,000 barrels per day (8.92%) to a record 1.196 million barrels per day. Ethanol stocks grew by 821,000 barrels to 24.473 million barrels, primarily along the Gulf Coast and East Coast.
In international trade, South Korean importers purchased a total of 402,000 metric tons of corn, including a confirmed private export sale of 136,000 metric tons from the U.S. The USDA is set to release export sales data on Thursday, anticipating between 0.6 to 1.4 million metric tons sold in the week ending January 8.
