Corn Prices Green to Start Wednesday

Corn is trading ½ cent to a penny higher early on Wednesday.  The Tuesday action in the corn market saw futures close mixed with 2023 and 2024 crop up 1 ¼ to 3 ¼ cents Contracts for the ’25 crop and beyond were fractionally to 1 ¾ cents lower.

Monday afternoon’s Crop Progress report showed many of the larger acreage states were above normal planting pace, with IN, ND, and OH actually below the average pace for this week. As far as the other major states, IA was 5% above average, with MO more than double the 21% average pace at 47% complete and both IL and NE 1% faster than normal. Later this week into the weekend we are expected to see widespread precip across much of US growing region.  Many producers are pressing to get as much seed in the ground as possible before that rain event.

EIA data will be out this morning for the week that ended on April 19, with traders expecting ethanol production to be on par with last week’s 983,000 barrels per day. Stocks are seen as being trimmed from the 26.08 million reported last week.

May 24 Corn  closed at $4.43, up 3 1/4 cents, currently up 1/2 cents

Nearby Cash  was $4.27 1/2, up 3 3/8 cents,

Jul 24 Corn  closed at $4.52 1/2, up 2 3/4 cents, currently up 3/4 cents

Dec 24 Corn  closed at $4.74 3/4, up 2 1/4 cents, currently up 1 cent

New Crop Cash  was $4.39 1/2, up 2 1/2 cents,

On the date of publication, Alan Brugler 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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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