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Corn Pushing Weakness to Wednesday AM Trade![]() Corn price action is down 3 to 4 cents on Wednesday morning. Futures climbed out of their overnight hole on Tuesday, though contracts still closed with fractional to 3 ½ cent losses. Preliminary open interest was up 24,013 contracts on Tuesday, suggesting net new selling. There were 78 deliveries against July futures overnight. The front month CmdtyView national average Cash Corn price was steady at $3.92 3/4. Grain Crushing data showed a total of 449.44 mbu of corn used for ethanol production in May. That was a jump of 6.2% from April, but still down 1.31% from the same month in 2024. The total for the marketing year through the first 3 quarters is at 4.08 bbu, which is 11 mbu above the same period last year. The 7-day QPF from NOAA shows rains up to 1.5 inches in parts of NE, IA, MN, WI, and the Dakotas with much of the rest of the Corn Belt seeing trace amounts. Ukraine’s ag ministry estimates the 2024/25 corn export total for the market year at 22 MMT, which is shy of the 29.5 MMT in 2024. StoneX estimates the Brazilian corn production total at 136.1 MMT, which is 2.1 MMT above their previous number on a hike to the second crop. ANEC estimate June Brazil exports at 566,435 MT, which is below the 982,812 MT prior estimate. Jul 25 Corn closed at $4.20, down 1/2 cent, currently down 3 1/2 cents Nearby Cash was $3.92 3/4, 0 cent, Sep 25 Corn closed at $4.06, down 3 1/4 cents, currently down 3 1/4 cents Dec 25 Corn closed at $4.22, down 3 1/2 cents, currently down 3 1/2 cents New Crop Cash was $3.80, down 3/4 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. For more information please view the Barchart Disclosure Policy here. |
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