Corn Weakness Holding on Wednesday
Corn futures are showing 2 to 3 cent losses on Wednesday. The CmdtyView national average Cash Corn price is down 2 ¼ cents at $4.40.
Rains fell in parts of the TX panhandle, KS, MO and IL overnight, putting a pause on some harvest. More rain is expected in those areas, as well as NE through IA, and northern IL/Southern WI in the next couple days, with the southern portions of the ECB seeing upwards of an inch. The 7-day forecast past Friday does look a little drier.
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EIA data will be delayed until Thursday, due to the Monday holiday, with most looking for output to see an increase in the week ending on October 9.
The delayed Tuesday Crop Progress report showed 91% of the US corn crop mature as of October 11, with harvest at 33% complete and 6 percentage points behind the average pace. Harvest pace was notably lagging in IA (-20% behind), MI (-18%), MN (-8%), NE (-8%), OH (-11%), and SD (-16%). Condition ratings were back up 2% this week at 56% in good to excellent condition, as the Brugler500 index was 4 points lower higher at 346.
Dec 26 Corn is at $4.79 3/4, down 3 cents,
Nearby Cash is at $4.40, down 2 1/4 cents,
Mar 27 Corn is at $4.93 1/4, down 3 1/4 cents,
May 27 Corn is at $5.00 3/4, down 3 1/4 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.
