Corn futures increased by 11 to 14 cents on Wednesday, reaching their highest price since August 2023, driven by wheat market strength and U.S. supply concerns. The national average cash corn price rose by 9 cents to $4.71 1/2.
In related commodity data, the U.S. Energy Information Administration (EIA) reported crude oil production at 1.112 million barrels per day, an increase of 23,000 bpd week-over-week. Oil stocks grew by 85,000 barrels to 25.2 million, while refiner inputs decreased slightly by 3,000 barrels to 923,000 barrels. Exports, however, increased by 33,000 barrels, totaling 162,000 barrels.
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