Corn Rallies to Fresh 3-year Highs with Help from Limit Gains in Wheat
Corn futures rallied to 3 year highs on Wednesday with contracts closing 10 to 13 ½ cents higher. Spillover strength in wheat and supply concerns over the US crop have both been supportive. The CmdtyView national average Cash Corn price was up another 13 1/2 cents at $4.85.
Export Sales data will be released on Thursday, with analysts looking for net reductions of 200,000 MT to net sales of 400,000 MT for 2025/26 sales in the week ending on August 20. New crop bookings are expected to be in a range of 0.6-1.6 MMT in that week.
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EIA data from this morning showed a total of 1.112 million barrels per day in production, which was an increase of 23,000 bpd from the week prior. Stocks saw a modest build of 85,000 barrels to 25.2 million barrels. Refiner inputs were down a modest 3,000 barrels to 923,000 barrels, with exports up 33,000 barrels to 162,000 barrels.
Sep 26 Corn closed at $5.14, up 13 1/2 cents,
Nearby Cash was $4.85 0/1, up 13 1/2 cents,
Dec 26 Corn closed at $5.36 1/2, up 13 cents,
Mar 27 Corn closed at $5.50 3/4, up 12 1/4 cents,
New Crop Cash was $4.89 5/8, up 13 3/4 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.
