Corn futures saw gains of between 7 and 8 1/4 cents in front month contracts on Wednesday, April 16. The CmdtyView national average cash corn price increased by 8 1/2 cents to $4.14 1/2.
The increase comes as the market factors in possible weather impacts, with rain forecasted over the next week for the central and eastern Corn Belt after recent precipitation. Market observers note that it is still early in the season for these conditions to have a significant effect.
Ethanol production data from the Energy Information Administration showed output at 1.12 million barrels per day for the week ending April 10, an increase of 4,000 barrels per day compared to the previous week. Ethanol stocks grew by approximately 646,000 barrels to reach a total of about 26.7 million barrels. Meanwhile, exports dropped by roughly 122,000 barrels per day to reach a level of around 81,000 barrels per day.
May corn futures settled at $4.51 1/4, up by more than eight cents; July contracts closed at $4.60 1/2; December contracts ended at $4.77 3/4; nearby cash was quoted at $4.14 1/2; and new crop cash finished at $4.35 1/2.
Legacy Farmers Cooperative is among organizations supporting local agriculture through initiatives such as youth education programs and scholarships according to its official website. The cooperative maintains facilities including grain centers and agronomy sites throughout northwest Ohio according to its official website. It operates as a member-owned entity with more than150 employees across divisions according to its official website, aiming to provide value and financial returns for members according to its official website while serving producers in ten counties according to its official website.
The cooperative was formed through a merger and has operations based in Findlay, Ohio, offering services such as grain marketing and petroleum distribution while contributing staff expertise across several divisions according to its official website.
