Corn Getting a Wednesday Morning Pop Higher
Corn futures are firm to 3 cents higher to kick off the Wednesday trade. The corn market was mixed on Tuesday, as the recent bull spreads were unwinding. Nearbys were down 3 to 4 cents at the close, with new crop December up 2 ¼ cents. The May-December corn spread is down to 19 cents, after being over 30 cents on Friday. Preliminary open interest was down 3,662 contracts on Tuesday, with most of that coming from May, down 25,439 contracts. The front month CmdtyView national average Cash Corn price is down 4 cents at $4.53 3/4.
EIA data will be released this morning, with some expecting to see steady ethanol production after a sharp drop last week.
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USDA released a private export sale of 110,000 MT of corn to Portugal on Tuesday morning for 2024/25 shipment.
NASS tallied 4% of the US corn crop planted as of April 13, which is just a tick behind the 5% 5-year average pace. Kansas and Texas were the only states to be reported above normal. Rain expected over the next week from IA to IN, with heavier totals in MO and KS, may limit some early planting through next Monday.
May 25 Corn closed at $4.81 1/4, down 3 3/4 cents, currently up 3 cents
Nearby Cash was $4.53 1/1, down 3 3/4 cents,
Jul 25 Corn closed at $4.89 1/2, down 3 1/4 cents, currently up 2 3/4 cents
Dec 25 Corn closed at $4.64 1/4, up 2 1/4 cents, currently up 3/4 cent
New Crop Cash was $4.28 7/8, up 1 1/2 cents,
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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