Corn futures rose by 8 to 9 cents on Wednesday, with the CmdtyView national average cash corn price reaching $4.17 ¾ per bushel. Ethanol production also saw a significant increase, with the Energy Information Administration (EIA) reporting a rise of 31,000 barrels per day to 1.126 million barrels per day for the week ending March 6. Ethanol stocks decreased by 757,000 barrels, now totaling 25.58 million barrels.
In related market movements, crude oil prices climbed by $5.44 amid ongoing geopolitical tensions with Iran, while gasoline product supplied surged by 11.4% to 9.24 million barrels per day. Export sales data is anticipated Thursday, with estimates for old crop corn sales projected between 0.8 million to 2.2 million metric tons for the week ending March 5.
As for specific corn futures, March 26 closed at $4.44 1/4, May 26 at $4.60 1/4, and July 26 at $4.72, all reflecting gains of approximately 8 cents to 8 ¾ cents.
