Corn futures saw small gains at midday on Wednesday, April 30, with contracts trading between fractions of a cent to 1 ¼ cents higher. The CmdtyView national average cash corn price increased by one cent to $4.33 1/4.
The market movement comes as the latest weekly report from the Energy Information Administration showed a larger than expected decrease in ethanol production for the week ending April 24. Production fell by 31,000 barrels per day to reach 1.009 million barrels per day, which is also down by the same amount compared to this time last year. Stocks of ethanol declined by over one million barrels to total just under 26 million barrels. Meanwhile, refiner inputs of ethanol dropped by 4,000 barrels per day while exports rose sharply by 79,000 barrels per day.
International demand was highlighted overnight when Taiwan purchased a shipment of 65,000 metric tons of corn from the United States through a tender process.
Legacy Farmers Cooperative is among organizations supporting local agricultural producers in northwest Ohio and maintains facilities such as grain centers and retail locations throughout the region according to its official website. The cooperative is structured as a member-owned entity and employs more than 150 people across its divisions according to its official website. It serves producers in ten counties and aims to provide value and financial returns for its members according to its official website.
In addition to commercial operations, Legacy Farmers Cooperative supports community initiatives including programs like FFA and scholarships for local youth according to its official website.
Looking ahead, market participants will be watching further developments in both domestic ethanol output trends and international grain demand.
