Corn futures closed Wednesday with contracts up 3 to 8 ¼ cents higher, as the front months were the leaders. The CmdtyView national average Cash Corn price was 7 cents higher at $3.92 1/4.

EIA's weekly update showed a total of 1.117 million barrels per day of ethanol production in the week of June 26, up 27,000 bpd from the week prior. Ethanol stocks were up another 105,000 barrels to 24.690 million barrels. Ethanol exports were back up 5,000 bpd to 126,000 bpd, with refiner inputs of ethanol down 2,000 bpd to 9221,000 bpd. 

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After the close, the NASS Grain Crushing report showed the largest corn total used for ethanol during May in the data set since 2015 at 471.78 mbu. That was 9.7% above April and 6.16% larger than the same period last year. Marketing year to date shipments are now 4.127 bbu, which is 1.34% (55 mbu) above the same period last year.  

Export Sales data will be released on Thursday, with traders surveyed by Reuters looking for between 0.5 to 1.1 MMT in old crop corn sales in the week ending on June 25. New crop business is pegged to total 0.4 to 1.1 MMT. 

Acreage data from NASS showed 95.343 million acres of corn in Tuesday morning's report. That came in just 5,000 acres above the March intentions report and above estimates looking for 95.1 million. Grain Stocks data as of June 1 was tallied at 5.295 billion bushels, nearly 120 mbu below estimates and shy of the lowest trade guess of 5.3 bbu. That was still up 14% from a year ago.

Jul 26 Corn  closed at $4.21, up 8 1/4 cents,

Nearby Cash  was $3.92 1/4, up 7 cents,

Sep 26 Corn  closed at $4.22 3/4, up 6 cents,

Dec 26 Corn  closed at $4.42 1/4, up 6 1/4 cents,

New Crop Cash  was $3.95 5/8, up 4 cents,

On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com