Corn is 3 to 4 cents higher in early Wednesday trading. Corn closed out the Turnaround Tuesday session with positive price action. Futures were 2 ½ to 5 ¼ cents higher on the day, spurred by some likely fund short covering. There was also some net new buying, with open interest up 6,485 contracts (mostly December).
The cmdtyView cash corn price index was $3.88 ¼ as of Tuesday’s close, taking the national basis to 7 ½ cents below the September board. That is the tightest national basis level since August 2023 but compares to the 44 ½ cent positive basis for the same day last year.
The weekly Crop Progress report condition ratings at 68% gd/ex, unchanged from the week prior and a Brugler500 index of 372. By state, IL and ND saw the largest improvements, up 12 points, with Missouri up 2. Most other states saw some deterioration, with OH down 10 points, KS losing 11, IA slipping 4 and NE down 7 points.
Sep 24 Corn closed at $3.95 3/4, up 5 1/4 cents, currently up 3 1/4 cents
Nearby Cash was $3.88 1/4, up 6 1/4 cents,
Dec 24 Corn closed at $4.08 3/4, up 4 1/2 cents, currently up 3 1/2 cents
Mar 25 Corn closed at $4.22, up 4 1/4 cents, currently up 3 cents
New Crop Cash was $3.71 1/2, up 5 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.
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