Corn futures are showing 1 to 3 cent gains so far on Wednesday morning. The corn market found some support on Tuesday with contracts up 4 to 5 cents in the nearbys, as new crop was leaking lower, down ¼ in December. Preliminary open interest was down 24,490 contracts, with May down 42,765 contracts and July up 20,834 contracts as the Goldman roll continues. CmdtyView national average Cash Corn price was up 5 cents at $4.40 1/2.
USDA reported a private export sale of 240,000 MT of corn for 2024/25 to Spain on Tuesday morning.
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EIA will release their weekly ethanol production update later this morning.
The USDA will release their monthly WASDE report on Thursday morning, with traders looking for a cut to the US ending stocks projection by 30 mbu on average at 1.51 bbu. The range of estimates is a relatively wide 1.405 to 1.605 bbu.
May 25 Corn closed at $4.69, up 4 1/2 cents, currently up 2 ½ cents
Nearby Cash was $4.40 1/2, up 5 cents,
Jul 25 Corn closed at $4.74 3/4, up 4 cents, currently up 3 cents
Dec 25 Corn closed at $4.45 3/4, down 1/4 cent, currently up 1 ¾ cents
New Crop Cash was $4.10 1/2, down 0 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.
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