Corn Showing Steady Action on Wednesday

Corn price action is steady so far on Wednesday morning. Futures extended the rally to Tuesday, with contracts closing 3 ½ to 6 ¾ cents higher, as July was just 1 ¾ cents higher. Open interest suggested more shorts were covering, down 3,120 contracts on Tuesday. There was just 1 delivery notice against July futures overnight. The CmdtyView national average Cash Corn price was a nickel higher at $4.13 3/4. 

The weekly Crop Progress report showed 16% of the US corn crop silking by July 5, 2 percentage points ahead of the 5-year average, with 3% in the dough stage. US condition ratings were left at 67% in good to excellent condition, as the Brugler500 index was also steady at 371. Improvement (via the Brugler500 index) was noted in MI (+19), MN (+7), SD (+5), MO (+4), and IA (+1). Deterioration was seen in TX (-14), OH (-12), NE/IL/KS (-5), ND (-4) and IN (-2).

Monthly Census data showed corn exports during May at 7.252 MMT (284.5 mbu), which was shy of the 2020/21 record and the third larger May on record. That was up 0.18% from a year ago but down 3.62% from a year ago. Distillers exports were 1.081 MMT, the second largest May on record. Ethanol exports were a record 189.65 million gallons, up 6.59% from last year and 7.22% above April.

Jul 26 Corn  closed at $4.42 1/2, up 1 3/4 cents, currently up 1 1/4 cents

Nearby Cash  was $4.13 3/4, up 5 cents,

Sep 26 Corn  closed at $4.43 3/4, up 5 1/2 cents, currently down 1/2 cents

Dec 26 Corn  closed at $4.64 1/4, up 6 1/2 cents, currently up 1/4 cents

New Crop Cash  was $4.15 7/8, up 4 cents,