Corn price action is up 3 to 4 cents so far on Wednesday morning, as double digit gains in wheat are providing support. Open interest was down 17,119 contracts, mainly in the nearby September as rolls out of the contract continues. Futures posted marginal losses on Tuesday, with contracts down 1 to 2 cents across the board. The CmdtyView national average Cash Corn price was down a penny at $4.07 3/4.
Storms across parts of the I-states and OH on Tuesday brought some flash flooding, with some heavy localized rains. There were also strong winds with the NWS Storm Prediction Center indicating preliminary indicators suggest a derecho from eastern IA to northern IN. The extent of actual damage is thus far unknown.
Don’t Miss a Day: From crude oil to coffee, sign up free for Barchart’s best-in-class commodity analysis.
Monday’s Crop Progress report showed condition ratings steady this week at 61% in good to excellent condition, as the Brugler500 index was also unchanged at 356. Deterioration was noted in ND (-26), MI (-13), MN (-8), WI (-7), IA (-6), SD (-3). Some improvement was seen in IN (+4), KS (+5), NE (+8), and TN (+1).
Ahead of today’s Crop Production report from NASS, a Reuters survey of analysts shows expected yield at 182.4 bushels per acre, with a range of 180.5 to 184.8 bpa. Production is estimated at 15.934 bbu, as harvested acres are expected to be trimmed by 76,000 acres. Ending stocks are seen at 1.999 bbu for old crop, down 21 mbu from last month. New crop stocks are expected to be down 65 mbu to 1.725 bbu.
ANEC estimates the August Brazilian corn export total at 5.17 MMT, up from the 4.08 MMT estimate last week.
Sep 26 Corn closed at $4.36 3/4, down 1 1/2 cents, currently up 3 ¼ cents
Nearby Cash was $4.07 3/4, down 1 cents,
Dec 26 Corn closed at $4.60 1/2, down 1 1/4 cents, currently up 3 ¼ cents
Mar 27 Corn closed at $4.76, down 1 1/4 cents, currently up 3 ¼ cents
New Crop Cash was $4.11 1/1, down 1 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.
More news from Barchart
- Chinese Diplomat Calls Out ‘Tortuous’ Trump Trade Policy on Soybeans: ‘American Farmers Became a Victim’
- Wheat Prices Are Heading Lower. Sell Here.
- Wheat, Soybean, and Corn Prices Fall to Start a New Month. What to Watch Next.
- Sell Wheat Now as Prices Fall on Russia-Ukraine Rumors
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
