Corn price action is up 1 to 2 cents across most contracts on Wednesday morning. Futures failed to hold onto the midday gains on Tuesday, with contracts fractionally to 2 cents in the red. Preliminary open interest was down 17,277 contracts on the day. The CmdtyView national average Cash Corn price is up 1 3/4 cents at $4.08 ½.
EIA data will be out later this morning, with some looking for steady to slightly lower ethanol output in the week ending last Friday.
Total export sales commitments are now at 50.538 MMT, which is now 30% larger than the same period last year. That is 62% of USDA’s estimate for the full marketing year and is ahead of the 60% average pace.
Brazil’s trade ministry showed corn exports during December at 6.128 MMT, which was a 43.6% increase from the last year and up 21.75% from November.
Mar 26 Corn closed at $4.44, down 1/2 cent, currently up 1 1/4 cents
Nearby Cash was $4.05 1/4, down 1/2 cent,
May 26 Corn closed at $4.51 1/4, down 3/4 cent, currently up 1 1/2 cents
Jul 26 Corn closed at $4.57, down 1 1/4 cents, currently up 1 cent
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. This article was originally published on Barchart.com
