Corn Extending Gains to Wednesday, Following Post-USDA Report Strength

Corn futures extended gains on Wednesday after a post-USDA report tone supported prices, with most contracts up 4 to 7 cents. Trading showed 325 deliveries issued against July futures overnight, while the CmdtyView national cash corn average rose 5 cents to $3.90 1/4. Weekly data from the U.S. Energy Information Administration indicated 1.117 million barrels per day of ethanol production for the week of June 26, up 27,000 bpd versus the prior week. Ethanol stocks increased by 105,000 barrels to 24.690 million barrels, and ethanol exports rose 5,000 bpd to 126,000 bpd. Grain stocks as of June 1 totaled 5.295 billion bushels, nearly 120 mbu below expectations but up 14% year over year. July 26 corn was quoted at $4.19 3/4.