Corn futures showed modest gains on Wednesday, with increases ranging from 1 to 3½ cents across front months. The CmdtyView national average cash price for corn is $3.96 ½, reflecting an uptick of ¾ cent. December corn has averaged $4.60 this month, representing a decline of 10 cents compared to the same period last year, with only three days remaining for price discovery related to the spring base price for crop insurance.
Data from the EIA reported that 1.113 million barrels per day of ethanol were produced in the week of February 20, down 5,000 bpd from the previous week. Ethanol stocks increased by 58,000 barrels, reaching a total of 25.646 million barrels. Additionally, Taiwan procured 65,000 metric tons of corn, likely from the U.S. Export sales data for corn is expected to be announced on Thursday, with projections ranging between 0.9 and 1.8 million metric tons.
