Corn price action is extending the rally, with contracts up another 2 to 3 cents on Thursday morning. Futures rallied 8 to 9 1/2 cents into the Wednesday close, holding within 2 cents of the intraday highs across most contracts. Deferred contracts were fractionally to 4 ½ cents higher. Open interest was up another 6,945 contracts on Wednesday, implying new buying interest. Spillover support from wheat was supportive. The CmdtyView national average Cash Corn price was up 10 1/2 cents at $4.31 1/2.
EIA’s weekly Petroleum Status Report showed ethanol production back up 54,000 bpd in the week of 7/17 after the previous drop, to 1.094 million bpd. Stocks were up just 90,000 barrels in that week to 24.481 million barrels. Exports were back up 77,000 bpd to 158,000 bpd, with refiner inputs of ethanol rising 32,000 bpd to 938,000 bpd.
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