Corn futures closed slightly higher on Wednesday, with contracts gaining 1 to 2 1/4 cents. The CmdtyView national average cash corn price increased by 2 1/2 cents to $3.85.
Data from the Energy Information Administration released Wednesday morning showed ethanol production surged by 98,000 barrels per day compared to the previous week, an 8.92% increase to a record 1.196 million barrels per day. Ethanol stocks rose by 821,000 barrels to 24.473 million barrels, with builds noted in the Gulf and East Coast regions. Exports increased by 6,000 barrels per day to 119,000 barrels per day, while refiner inputs for ethanol were 70,000 barrels per day higher at 841,000 barrels per day.
Overnight, several South Korean importers issued tenders and purchased a total of 402,000 metric tons of corn. The U.S. Department of Agriculture confirmed a portion of this purchase originated from the United States, announcing a private export sale of 136,000 metric tons to South Korea.
Traders are awaiting USDA Export Sales data scheduled for release Thursday morning. Expectations are for corn sales between 0.6 and 1.4 million metric tons for the week of January 8.
The Rosario Grains Exchange revised its estimate for Argentina's corn crop upward by 1 million metric tons to 62 million metric tons.
Closing prices for corn futures on Wednesday were as follows: March 26 corn closed at $4.22, up 2 1/4 cents; the nearby cash price was $3.84, up 2 1/2 cents; May 26 corn closed at $4.29 3/4, up 2 cents; July 26 corn closed at $4.36, up 1 1/2 cents.