Corn Futures Extend Wednesday Gain; USDA Sales and Ethanol Data Highlight Outlook (2/4/2026)

Corn futures extended gains Wednesday, with front-month contracts up 1–2 cents at settlements of $4.29 1/2, $3.96 1/4, $4.37, and $4.43 1/4 for March, Cash, May, and July, respectively. The CmdtyView national average Cash Corn price rose 2 cents to $3.96 1/4. USDA reported private export sales of 130,480 MT this morning; the weekly total for the week ending January 29 is expected Thursday, with a 0.8–2.1 MMT range implied. Ethanol production in the week of January 30 totaled 956,000 bpd, down 158,000 from the prior week; ethanol stocks fell 264,000 bbls to 25.136 MMbbls; exports rose 59,000 bpd to 216,000 bpd; refiner inputs declined 92,000 bpd to 791,000 bpd. A South Korean importer bought 65,000 MT in a private tender Tuesday.