Corn futures rose by 5 to 9 cents at the close on Wednesday, with the September contract closing at $4.47 1/2. The increase was supported by significant gains in wheat prices, despite weaker corn grind implications reported by the EIA. The CmdtyView national average cash corn price also increased by 9 cents to $4.17 3/4.
The USDA will release its weekly Export Sales report on Thursday, with expectations of 0.5 to 1 million metric tons of old crop corn export sales for the week ending July 9, and a range of 0.3 to 1.1 million metric tons projected for the 2026/27 season. Additionally, weekly ethanol production fell to 1.04 million barrels per day, a decrease of 53,000 bpd from the previous week, while stocks rose by 463,000 barrels to 24.391 million barrels.
NOAA forecasts that much of the Western Corn Belt will remain dry in the next seven days, while the Eastern Corn Belt is expected to receive 0.5 to 1.5 inches of rain in parts of Illinois, Indiana, and Ohio.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
