⛏Corn Futures
CORN
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Ethanol production hit second-highest weekly total, boosting corn demand for biofuel.
Impact on assets 1
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Corn futures are trading 1 to 2 cents higher on Thursday morning, recovering from sharp losses in the previous session. Contracts closed Wednesday down 2 to 9 1/2 cents, with the nearby September contract settling at $4.49, down 9 1/2 cents, and the December contract at $4.71 3/4, down 8 3/4 cents. The national average cash corn price fell 9 1/2 cents to $4.19 3/4. Open interest rose by 15,562 contracts, suggesting new short positions were added. The Energy Information Administration reported that ethanol production increased by 39,000 barrels per day to 1.133 million barrels per day in the week ending July 24, the second-highest weekly total on record, while ethanol stocks rose 245,000 barrels to 24.726 million barrels. Traders await weekly export sales data, with expectations for old crop corn sales between 300,000 and 600,000 metric tons and new crop bookings of 0.5 to 1 million metric tons.
Ethanol production hit second-highest weekly total, boosting corn demand for biofuel.