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.
