Corn futures saw modest gains on Wednesday, with front-month contracts rising by up to 1 ¼ cents, while some deferred contracts remained steady or slightly lower. The CmdtyView national average cash corn price increased by ¾ cent to $4.18 ¼. A notable development was the USDA’s report of a private sale of 130,000 MT of corn for the 2025/26 season to unknown destinations, signaling ongoing demand in the market.
The weekly EIA data revealed a decline in ethanol production, dropping by 80,000 barrels per day to 1.04 million barrels. Ethanol stocks increased by 249,000 barrels, while exports saw a slight uptick. Traders are anticipating the upcoming Export Sales data, with estimates for old crop sales ranging between 1-1.8 MMT, which could influence market sentiment and pricing dynamics in the short term.
Market professionals should closely monitor the Export Sales report, as it will provide critical insights into demand trends that could affect corn prices moving forward.
Source: nasdaq.com