Corn Mixed to Kick Off the Midweek Session
Corn price action is mixed to start Wednesday trade. Futures ended the Tuesday session down 2 to 7 cents across the nearbys, as pressure came from wheat and some calming Black Sea tensions. Preliminary open interest on Tuesday saw net new selling, up 17,891 contracts. The CmdtyView national average Cash Corn price was down 6 1/2 cents at $4.23 3/4.
EIA’s weekly report will be released this morning, some looking for steady ethanol production in the week ending last Friday.
Commodity Bulletin: From crude oil to coffee, this FREE newsletter is for industry pros and rookies alike
A Bloomberg survey of analysts shows corn acreage estimated at 94.4 MMT ahead of the Prospective Plantings report on Monday, with a range of 92.5 to 96.6 million acres.
In fresh rounds of negotiations trying to reach a ceasefire, Russia and Ukraine have both agreed to ensure safe navigation in the Black Sea, similar to the previous Black Sea Grain Initiative, and to ban attacks on energy facilities.
Overnight, a Taiwan importer purchased 65,000 MT of corn in a tender, with US the expected origin. Another South Korean importer tendered for 280,000 MT of corn.
May 25 Corn closed at $4.57 3/4, down 6 3/4 cents, currently up ½ cent
Nearby Cash was $4.23 3/4, down 6 1/2 cents,
Jul 25 Corn closed at $4.65 1/4, down 6 3/4 cents, currently unch
Dec 25 Corn closed at $4.49, down 2 1/2 cents, currently down 1 ½ cents
New Crop Cash was $4.12 7/8, down 2 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.
