Corn Black For Day Session

Overnight action led the market both directions with an impressive 12 cent range. Going into the Day session of Wednesday, prices are mostly up by 3 cents. Corn prices rallied double digits on Tuesday, closing the day with 2.6% to 2.9% gains of as much as 17 cents. December was back above the $6 mark at the bell. 

Brazil’s AgRural reported the 2nd crop harvest as 62% complete. That compares to 53% last week and the 39% last season. They figure the output at 87.3 MMT for the 2nd crop. 

EU’s Crop Monitoring system reduced the EU corn yield estimate by 9.2 bpa to ~107.8 citing the heat. Some trade analysts look for USDA to trim EU corn exports by 5 MMT or more due to reduced crop size.  Social media indicates that at least one Ukrainian corn vessel has loaded and could depart if a crew, port personnel and escort through the minefield are arranged.

Sep 22 Corn  closed at $5.97, up 17 cents, currently up 3 1/4 cents

Nearby Cash  was $6.83 ½ on Tuesday, up 17 cents,

Dec 22 Corn  closed at $6.00 3/4, up 17 cents, currently up 3 1/4 cents

Mar 23 Corn  closed at $6.07 1/2, up 16 3/4 cents, currently up 3 1/4 cents

New Crop Cash  was $5.64 1/8 on Tuesday, up 17 1/8 cents,