Corn price action is showing 5 to 6 cent gains so far on Wednesday morning. Futures rounded out the Tuesday session on a mixed note, with front months down ¼ to 1 ¾ cents and new crop contracts up ¾ to 2 ¾ cents. Open interest was up 11,491 contracts on Tuesday, implying modest new buying interest. The CmdtyView national average Cash Corn price was down 1 1/2 cents at $3.83 3/4.
Weekly Crop Progress data from Monday showed the US corn condition ratings at 68% in good to excellent condition, up 1 percentage point from the previous week. The Brugler500 index was up 1 point on higher excellent ratings to 373. Improvement was noted in OH (+21), SD (+14), IN (+7), and MN (+4), with deteriorating conditions in IA (-9), MO (-7), NE (-10), and ND (-2).
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The forecast continues to see precipitation over a majority of the US growing region, with at least an inch expected in much of the Western Corn Belt. Moving east and south, rainfall totals of 2 to 4 inches are seen from eastern NE to western PA and southern areas of MN/WI/MI to the Gulf.
EIA data will be released this morning with traders looking for ethanol output to improve for the week ending last Friday after being steady last week.
Jul 26 Corn closed at $4.13 3/4, down 1 3/4 cents, currently up 5 1/4 cents
Nearby Cash was $3.83 3/4, down 1 1/2 cents,
Sep 26 Corn closed at $4.22 1/2, down 1/4 cent, currently up 5 1/2 cents
Dec 26 Corn closed at $4.42 1/2, up 3/4 cent, currently up 5 3/4 cents
New Crop Cash was $3.97 3/8, up 1/4 cent,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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