Corn futures are up 6 to 8 cents in the front months, with March up 10 ¼ cents. There were 553 deliveries against March corn overnight. The CmdtyView national average Cash Corn price is up 7 1/4 cents to $4.19.
Crude oil is back up another $3.03 on Wednesday, adding some premium pack in as the Iran situation continues to unfold despite the International Energy Agency agreeing to release 400 million barrels of ethanol reserves.
EIA data from Wednesday morning showed a 31,000 barrel per day increase from the week prior to 1.126 million barrels per day in the week ending on March 6. Ethanol stocks saw a 757,000 barrel draw down to 25.58 million barrels. Refiner inputs of ethanol were up 37,000 bpd on the week to 901,000 bpd, as gasoline product supplied (implied gasoline demand) rose 11.4% to 9.24 million bpd.
Mar 26 Corn is at $4.46 1/2, up 10 1/4 cents,
Nearby Cash is at $4.16 1/1, up 7 1/4 cents,
May 26 Corn is at $4.59 1/2, up 7 1/4 cents,
Jul 26 Corn is at $4.71, up 7 3/4 cents,
