Corn Futures Rise Amid Geopolitical Tension, Ethanol Report Eyed

Corn futures surged earlier this week, gaining between four and five and a quarter cents, following a slow start. This upward trend was mirrored in the national average cash corn price, which rose by four and a quarter cents to four dollars and four and a quarter cents. The bullish sentiment was driven by geopolitical tensions, as Russia threatened to cut off Ukraines sea access, impacting global commodity markets. Despite managed money investors reducing their bets against corn, commercial traders increased their short positions. Traders are now awaiting the Energy Information Administrations report on ethanol production for the week ending November twenty-eighth, expecting a slight dip after the previous weeks near-record output.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.