Corn price action is down 1 to 2 cents early on Wednesday. Futures posted gains across most contracts on Tuesday with contracts closing up 1 to 2 cents. Preliminary open interest was up 5,489 contracts on Tuesday, with 17,230 contracts still exiting the Dec. The CmdtyView national average Cash Corn price was up 2 cents at $3.98 1/4.
After a near month and a half hiatus, USDA released their Crop Progress report showing 91% of the corn crop harvested as of 11/16, behind the 94% average harvest pace over the last 5 years.
A South Korean importer purchased a total of 130,000-135,000 MT of corn in a tender on Tuesday, with the origin yet to be announced.
CFTC data for the week of September 30 will be released on Wednesday afternoon, with the full Commitment of Traders dataset not expected to be fully updated until January 23.
EIA data will be released this morning, with most looking for ethanol production to be firm with last week’s total.
Dec 25 Corn closed at $4.36 3/4, up 2 cents, currently down 2 cents
Nearby Cash was $3.98 1/4, up 2 cents,
Mar 26 Corn closed at $4.49 1/2, up 1 1/2 cents, currently down 1 3/4 cents
May 26 Corn closed at $4.56 1/2, up 1 cent, currently down 1 1/2 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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