Corn futures are showing another round of losses on Wednesday, with contracts 3 to 5 ½ cents in the red. Preliminary open interest data showed net new selling, up 24,510 contracts on Tuesday. The CmdtyView national average Cash Corn price is down 5 3/4 cents at $3.59 1/4.
The weekly EIA data showed a total of 1.081 million barrels per day of ethanol was produced during the week ending on August 1, a drop of 15,000 bpd from the previous week. With the drop in output, stocks saw a draw of 960,000 barrels to 23.756 million barrels. Refiner inputs of ethanol were up 2,000 bpd to 922,000, with exports dropping a total of 38,000 bpd to 116,000.
A South Korean importer purchased 68,000 MT of corn in their tender originally for 140,000 MT overnight. Following threats of increased tariffs if India doesn’t stop purchasing Russian oil, President Trump is set to raise tariffs by 25% to 50% on India starting on August 27 if they continue to import Russian oil.
Sep 25 Corn is at $3.76, down 5 1/2 cents,
Nearby Cash is at $3.59 1/4, down 5 3/4 cents,
Dec 25 Corn is at $3.98, down 4 cents,
Mar 26 Corn is at $4.16 1/4, down 3 3/4 cents,
New Crop Cash is at $3.56 1/4, down 5 1/4 cents,
