Corn futures experienced a slight recovery, closing down 2 ¾ to 3 ½ cents on Wednesday, while the CmdtyView national average Cash Corn price rose modestly to $4.15 3/4. This movement comes amid broader market dynamics influenced by crude oil prices, which fell by $2.51 following President Trump’s comments on a potential ceasefire with Iran. The market is poised for further developments as Trump is expected to address the nation later today.

The ethanol sector showed a decline in production, with EIA data indicating a drop to 1.075 million barrels per day, down 41,000 bpd from the previous week. Additionally, the USDA’s Grain Crushing report revealed a February corn grind of 424.8 million bushels, reflecting an annual increase but a monthly decrease. Traders are anticipating Export Sales data on Thursday, with expectations for old crop corn sales between 0.9-1.6 MMT.

Market participants should closely monitor the upcoming Export Sales data and Trump’s address, as these factors could significantly influence corn prices and related sectors in the short term.

Source: nasdaq.com