Corn is trading with early gains of 6 to 7 cents on Wednesday morning. Spillover from double-digit gains in wheat is supportive. Futures found strength late in the session, with contracts up 2 to 3 ¼ cents across the front months. Modest new buying interest was noted, with open interest rising 3,833 contracts. The CmdtyView national average Cash Corn price was up 3 ¼ cents at $4.21.
The weekly Crop Progress report showed condition ratings back down 1% at 67% in good to excellent condition, as the Brugler500 index slipped 1 to at 372. Ratings in ND (-18), SD (-14), CO (-23), WI (-8), KS (-7), MO (-7) and MN (-5) all took a dip in that week. The I-States were improving, with IL up 3 and IN/IA rising 5 points, as NE improved 4 and OH up 1.
The 7-day QPF from NOAA showed a band of 1 to 2 inches of rain in parts of NE, KS, and MO, as well as OH in the next week. The Dakotas, MN, WI, IA, IL, and IN remain on the drier side, with less than 0.5 inches expected.
A couple South Korean importers purchased a total of 142,000 to 208,000 MT of corn in separate tenders overnight.
Sep 26 Corn closed at $4.52 3/4, up 3 1/4 cents, currently up 6 1/4 cents
Nearby Cash was $4.21, up 3 1/4 cents,
Dec 26 Corn closed at $4.75 1/4, up 2 1/4 cents, currently up 7 cents
Mar 27 Corn closed at $4.91, up 2 1/2 cents, currently up 6 3/4 cents
New Crop Cash was $4.25 3/4, up 3 3/4 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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