Corn prices are down 4 to 5 ½ cents so far on Wednesday morning. Futures corrected from the sharp Monday gains on Tuesday, with contracts steady to 1 ¾ cents lower at the close. Preliminary open interest was down 6,852 contracts on Tuesday, with July (-4,987) and December (-5,670) seeing the largest drop. The CmdtyView national average Cash Corn price was down 1 ½ cents to $4.35.
NASS Crop Progress data showed the US corn crop at 76% planted as of Sunday, which was 6% ahead of the 5-year average pace of 70%. The only states to be behind average pace for planting are Kansas, Michigan, and North Carolina. The crop was also 39% emerged, which is 2 percentage points faster than normal.
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EIA data will be released later this morning, with traders looking for a steady to higher ethanol output number in the week of 5/15.
Jul 26 Corn closed at $4.75 1/4, down 1 3/4 cents, currently down 5 1/2 cents
Nearby Cash was $4.35, down 1 1/2 cents,
Sep 26 Corn closed at $4.81 1/2, down 3/4 cent, currently down 5 1/4 cents
Dec 26 Corn closed at $4.97 3/4, down 1/4 cent, currently down 4 3/4 cents
New Crop Cash was $4.51 7/8, down 1/2 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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