Corn Futures Dip, Ethanol Production Surges

Corn futures experienced a downturn, with most contracts closing lower by five to seven cents. The national average cash corn price also decreased, settling just under four dollars a bushel. This market movement is of interest to many in agriculture.Recent data from the Energy Information Administration showed a record high in ethanol production, reaching one point one two six million barrels per day. However, ethanol stocks rose by over half a million barrels due to increased production and a drop in refiner usage, despite a rise in exports.Traders are anticipating the export sales report for the week of October thirtieth, expecting corn sales between zero point eight and two point five million metric tons. Additionally, a Taiwanese importer has issued a tender for sixty-five thousand metric tons of wheat, with offers due by Thursday.These market shifts underscore the volatile nature of agricultural commodities, influenced by various factors such as production numbers, export figures, and global demand.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.