Corn futures rose across all contracts on Wednesday, closing with gains ranging from 5 to 9 cents, supported by significant price increases in nearby wheat futures. Despite some softness in corn processing data from the EIA, the national average cash corn price climbed 9 cents to $4.17 3/4 per bushel.
USDA is scheduled to release its weekly Export Sales report on Thursday morning, with market participants anticipating 0.5 to 1 million metric tons of old crop corn exports for the week ending July 9. New crop export sales for the 2026/27 marketing year are projected between 0.3 to 1.1 million metric tons.
The next seven days are forecast to remain largely dry across the Western Corn Belt according to NOAA’s 7-day QPF, with only trace rainfall expected in parts of Minnesota, Iowa, Nebraska, Missouri, and the Dakotas. The Eastern Corn Belt is expected to see slightly more moisture, with 0.5 to 1.5 inches projected in portions of Illinois, Indiana, and Ohio.
Weekly EIA data released earlier today indicated ethanol production at 1.04 million barrels per day for the week ending July 10, down 53,000 barrels per day from the previous week. Stocks increased by 463,000 barrels to 24.391 million barrels, while exports declined 119,000 barrels per day to 81,000 barrels per day. Refiner inputs of ethanol rose 5,000 barrels per day to 906,000 barrels per day.
September 26 corn futures closed at $4.47 1/2, up 9 cents;
Nearby cash corn prices were $4.17 3/4, up 9 cents;
December 26 corn futures settled at $4.69 1/4, up 8 3/4 cents;
March 27 corn futures closed at $4.84, up 8 1/4 cents;
New crop cash corn prices reached $4.20 3/4, up 9 cents;
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