Corn futures are experiencing gains of 8 to 9 cents across most contracts, with the CmdtyView national average Cash Corn price rising to $4.19. This uptick comes amid a backdrop of fluctuating crude oil prices, which have increased by $1.50 today, recovering from early lows. However, the latest EIA data indicates a decline in ethanol production, down to 1.093 million barrels per day, which could impact corn demand and pricing dynamics in the near term.

The market is closely watching upcoming export sales data, expected to show between 0.6 and 1.8 million metric tons of old crop corn sales for the week ending March 12. This information will be crucial for traders as they assess the strength of corn demand and its implications for future pricing, especially in light of rising gasoline prices, which have surged from $2.94 to $3.72 since late February.

For a deeper dive into the current trends affecting corn and other commodities, I highly recommend checking out the full article.

Source: nasdaq.com