Corn futures are experiencing gains, with contracts increasing by 2 to 4.5 cents at midday on Wednesday. The CmdtyView national average cash corn price is now $3.96 1/4, up 4.5 cents. This uptick comes amidst strong demand, bolstered by record ethanol production and exports.
The USDA reported a private export sale of 177,055 metric tons of corn to Mexico, while South Korea’s total corn purchase reached 268,000 metric tons in a separate tender. Additionally, Brazil is projected to export 6.35 million metric tons of corn in December, marking a 0.05 million metric ton increase from the previous week.
EIA data indicated an increase in weekly ethanol corn grind, reaching 1.131 million barrels per day, despite a slight stock draw of 157,000 barrels to 22.353 million barrels. Ethanol exports also rose by 66,000 barrels per day to 191,000 barrels.
