Corn price action is up 2 to 3 cents so far on Thursday morning. Futures posted gains of 5 to 9 cents across the board at the close on Wednesday, getting spillover support from near limit gains in wheat. Open interest was up 7,799 contracts on Wednesday, suggesting new buying. The CmdtyView national average Cash Corn price was 9 cents higher at $4.17 3/4.
USDA’s will release their weekly Export Sales report this morning, with traders looking for between 0.5 and 1 MMT of old crop corn export business in the week of July 9. Sales for 2026/27 are seen in a range of 0.3-1.1 MMT.
The next 7 days are relatively dry for much of the Western Corn Belt according to NOAA’s 7-day QPF, with just trace amounts in much of MN, IA, NE, MO, and the Dakotas. The Eastern Corn Belt is a little wetter, with 0.5-1.5 inches expected in parts of IL, IN, and OH.
Weekly EIA data from Wednesday showed a total of just 1.04 million barrels per day of ethanol production in the week ending on July 10, a 53,000 bpd drop from the week prior. Stocks, meanwhile, rose 463,000 barrels to 24.391 million barrels. Exports dropped 119,000 bpd to 81,000 bpd in that week, with refiner inputs of ethanol up just 5,000 bpd to 906,000 bpd.
Sep 26 Corn closed at $4.47 1/2, up 9 cents, currently up 2 3/4 cents
Nearby Cash was $4.17 3/4, up 9 cents,
Dec 26 Corn closed at $4.69 1/4, up 8 3/4 cents, currently up 3 1/4 cents
Mar 27 Corn closed at $4.84, up 8 1/4 cents, currently up 3 cents
New Crop Cash was $4.20 3/4, up 9 cents,
On the date of publication,
Austin Schroeder
did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.
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