Corn prices declined by 3 to 4 cents on Thursday morning, following a loss of 1½ to 2¼ cents across the board on Wednesday. The CmdtyView national average cash corn price is reported at $4.89, down 1½ cents. Open interest rose by 7,449 contracts on Wednesday.
The latest EIA report for the week ending September 4 showed ethanol production steady at 1.099 million barrels per day, which is 4.17% higher than the same week last year. Ethanol stocks increased by 33,000 barrels to 25.22 million, an 11.58% rise from the previous year. Refiner inputs rose by 3,000 barrels per day to 911,000, while exports increased by 14,000 barrels per day to 161,000.
Stats Canada reported an 11.3% increase in corn production, estimating output at 16.55 million metric tons. Additionally, a South Korean importer purchased 134,000 metric tons of corn overnight.
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