Corn is starting Wednesday trade with contracts fractionally to a penny higher. Futures closed out the Tuesday session with most contracts 2 to 3 ¼ cents lower at the final bell. Preliminary open interest data suggested new selling, rising 10,345 contracts. The CmdtyView national average Cash Corn price was down 3 1/4 cents to $3.92 3/4.
There was some outside pressure, with losses in wheat adding spillover weakness and crude oil dropping $1.61/barrel.
EIA data will be released on Wednesday with some expecting ethanol production to be steady to slightly lower than last week.
A South Korean importer purchased a total of 268,000 MT of corn in a tender overnight.
Mar 26 Corn closed at $4.36 1/2, down 3 1/4 cents, currently up 1 cent
Nearby Cash was $3.92 3/4, down 3 1/4 cents,
May 26 Corn closed at $4.44 1/2, down 3 1/4 cents, currently up 3/4 cent
Jul 26 Corn closed at $4.51, down 2 3/4 cents, currently up 1/2 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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