Corn price action is up 1 to 2 ½ cents in the front months early on Wednesday. Futures closed the Tuesday session with contracts 3 ¼ to 6 ½ cents higher, as spillover support from the wheat market is supportive. Open interest was up 6,779 contracts on Tuesday, suggesting net new buying, despite 53,411 contracts exiting May ahead of first notice day. The CmdtyView national average Cash Corn price was up 7 cents at $4.32 1/4.
NASS Crop Progress data showed the US corn crop at 25% planted as of Sunday, which was 6% ahead of the 5-year average pace of 19%. Of the major 18 states reported, just KS (-1% vs. average), MI (-1%), MO (-2%), NC (-5%), ND (-3%), and WI (-1%) were behind normal. Many of the top producing states were well ahead of normal with IL (+10% vs. average), IN (+20%), NE (+10%), and OH (+14%) all faster than average, with IA now on pace. The national crop was also 7% emerged, which is 3 percentage points faster than normal.
EIA data will be updated on Wednesday, with analysts looking for ethanol production to be steady from the week prior.
Taiwan purchased 65,000 MT of corn from the US in a tender overnight.
May 26 Corn closed at $4.65 1/4, up 4 1/2 cents, currently up 1 1/4 cents
Nearby Cash was $4.32 1/4, up 7 cents,
Jul 26 Corn closed at $4.75 1/2, up 6 1/4 cents, currently up 2 cents
Dec 26 Corn closed at $4.95 3/4, up 6 1/4 cents, currently up 2 1/4 cents
New Crop Cash was $4.53 1/1, up 7 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.
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