Corn futures ended the Wednesday session with contracts getting a ¾ to 3 cent pop, as futures continued the bounce into the middle of the week.
EIA data from this morning showed near record high ethanol production in the week that ended on July 12 at an average 1.106 million barrels per day. That was a 52,000 bpd increase on the week and the second largest implied corn consumption all time. Ethanol stocks totaled 23.16 million barrels, a 443,000 barrel drop from the previous week despite the big production number.
Export Sales expectations are running 500,000-800,000 MT for the week ending July 11, with 25,000 MT to 400,000 MT for new crop.
Sep 24 Corn closed at $3.98, up 2 1/4 cents,
Nearby Cash was $3.91 5/8, up 2 1/4 cents,
Dec 24 Corn closed at $4.11 3/4, up 3 cents,
Mar 25 Corn closed at $4.25, up 3 cents,
New Crop Cash was $3.75 5/8, up 3 cents,
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