According to the weekly EIA report released Wednesday morning, production increased by 9,000 barrels per day in the week ending July 4, bringing total output to 1.085 million barrels per day. During the same period, stocks declined by 158,000 barrels to 23.959 million barrels, despite a reduction in exports by 10,000 barrels per day (now at 121,000 bpd) and a drop in refiner input by 23,000 bpd (now at 902,000 bpd).

Export Sales data for the week ending July 3 is expected to show between 375,000 and 900,000 metric tons of corn sold for 2024/25, while new crop sales could range from 150,000 to 700,000 metric tons.

A Bloomberg survey showed old crop corn stocks are estimated at 1.351 billion bushels, 14 million bushels lower than June. New crop production is expected to decline to 15.746 billion bushels, a reduction of 75 million bushels. Consequently, new crop ending stocks are projected at 1.721 billion bushels, down from 1.75 billion in June.

A Ukrainian grain trader union estimates the country’s 2025 corn crop at 29.25 million tons, with exports reaching 24 million tons for the 2025/26 season.