Nigeria's Blow to Asian Exchanges: Corn Prices Falling

Corn futures are showing 7 to 8 cent losses so far on Wednesday. There was just 1 delivery notice against July futures overnight. The CmdtyView national average Cash Corn price is 7 ½ cents lower at $4.05 1/4.

Latest Developments in Corn Market

■EIA data from this morning showed a total of 1.093 million barrels per day of ethanol production in the week of July 3, back down 24,000 bpd from the week prior.

■Ethanol stocks saw a draw of 762,000 barrels to 23.928 million barrels.

■Ethanol exports were up 74,000 bpd to 200,000 bpd, with refiner inputs of ethanol down 20,000 bpd to 901,000 bpd.

Investment Insight

■Prices of Jul 26 Corn started at $4.35 1/2, dropped 7 cents to $4.05 1/4.

■Nearby Cash prices dropped 7 1/2 cents to $4.05 1/4.

This decline in corn prices can be seen as an interesting development in the markets.