Corn Pressure from Crude Continues on Wednesday
Corn futures posted Wednesday losses of 3 to 5 cents across most contracts. Crude oil losses of $4.48 on Wednesday continued to be a pressure factor. The CmdtyView national average Cash Corn price was down 4 3/4 cents to $4.13 1/4.
NASS Crop Progress data showed the US corn crop at 86% planted as of Sunday, which was 3% ahead of the 5-year average pace of 83%. The crop was also 60% emerged, which is 2 percentage points faster than normal. The only states lagging their average planting pace are KS, MO, NC, OH, and PA. In addition to those, CO, NE, and WI are behind normal for emergence. Condition ratings will be reported next week.
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EIA data is delayed to Thursday due to the Monday holiday, with some looking for ethanol production to be steady with the week prior.
A couple South Korean importers purchased a total of 130,000 MT of corn overnight in private deals.
Jul 26 Corn closed at $4.52 1/2, down 5 cents,
Nearby Cash was $4.13 1/4, down 4 3/4 cents,
Sep 26 Corn closed at $4.59 3/4, down 4 1/2 cents,
Dec 26 Corn closed at $4.77 1/2, down 4 1/2 cents,
New Crop Cash was $4.30 1/1, down 4 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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