Corn Futures Surge Wednesday Despite Ethanol Production Decline

Corn futures are trading 8 to 9 cents higher at midday, buoyed by supportive spillover from wheat futures gains. The CmdtyView national average Cash Corn price climbed 8 1/2 cents to $4.16 1/4.

NOAA’s 7-day QPF forecasts continued dry conditions across much of the Western Corn Belt, with only trace precipitation expected in parts of Minnesota, Iowa, Nebraska, Missouri, and the Dakotas. The Eastern Corn Belt is projected to see 0.5-1.5 inches of rainfall in portions of Illinois, Indiana, and Ohio.

Weekly EIA data released Wednesday revealed ethanol production averaged 1.04 million barrels per day in the week ending July 10, marking a 53,000-barrel-per-day decline from the prior week. Ethanol stocks rose 463,000 barrels to 24.391 million barrels, while exports dropped 119,000 barrels per day to 81,000 barrels per day. Refiner inputs of ethanol increased slightly to 906,000 barrels per day. Contract prices include September 2026 corn at $4.47, December 2026 corn at $4.69, March 2027 corn at $4.83 3/4, and New Crop Cash corn at $4.19 1/4, with all contracts posting gains ranging from 8 to 8 1/2 cents.

On the date of publication, Austin Schroeder held no positions in the securities referenced, directly or indirectly. All information is for informational purposes only.

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