Corn Pushes Higher into Wednesday’s Close as EPA Opens E15 for the Summer

Corn futures saw gains across the board on Wednesday, with prices increasing by 3 to 5 ¼ cents despite early session weakness. The national average Cash Corn price, according to CmdtyView, rose by 4 3/4 cents to $4.25 3/4.

In a move that could impact the market, EPA Administrator Lee Zeldin announced a waiver allowing E15 sales to begin on May 1. This decision follows a pattern from previous years of lifting fuel restrictions during the summer months.

The latest EIA data, released on Wednesday morning, showed ethanol production bouncing up by 23,000 barrels per day in the week ending on March 20, reaching 1.116 million barrels per day. This increase contributed to a rise in ethanol stockpiles by 763,000 barrels to 27.17 million barrels. However, ethanol exports declined by 55,000 barrels per day to 119,000 barrels per day, while refiner inputs of ethanol rose by 13,000 barrels per day to 889,000 barrels per day.

Export Sales data is set to be released on Thursday morning, with traders anticipating old crop corn bookings between 0.7 and 1.5 million metric tons during the week of 3/19. New crop sales are expected to fall within a range of 0 to 100,000 metric tons.

In other news, Taiwan importers purchased a total of 65,000 metric tons of US corn in a tender held early on Wednesday.

Closing prices for corn futures on Wednesday were as follows:
– May 26 Corn closed at $4.67 1/4, up 4 3/4 cents
– Nearby Cash was $4.25 3/4, up 4 3/4 cents
– Jul 26 Corn closed at $4.77 3/4, up 5 1/4 cents
– Dec 26 Corn closed at $4.93 1/4, up 4 1/4 cents
– New Crop Cash was $4.51 3/4, up 4 3/4 cents

It is important to note that the information and data provided in this article is solely for informational purposes. The original article was published on Barchart.com.