Corn price action is showing 2 to 4 ½ cent gains so far on Wednesday morning, taking back some of the losses from the start of the week. Futures closed the Tuesday session with contracts down 1 to 3 ½ cents across the front months, following sharp Monday losses. Open interest was up another 36,635 contracts on Tuesday. The two day OI increase for this week is 81,218 contracts. The CmdtyView national average Cash Corn price was down 1 3/4 cents at $3.81 1/2.
EIA data will be released this morning, with traders looking for ethanol production to be steady following last week’s ballooning stocks total and drop in refiner inputs.
Several South Korean importers had tenders overnight, purchasing a total of 402,000 MT of corn.
Brazil’s January corn exports are projected at 3.27 MMT according to ANEC, up 0.42 MMT from the previous number.
Mar 26 Corn closed at $4.19 3/4, down 1 3/4 cents, currently up 4 1/2 cents
Nearby Cash was $3.81 1/2, down 1 3/4 cents,
May 26 Corn closed at $4.27 3/4, down 2 3/4 cents, currently up 4 1/4 cents
Jul 26 Corn closed at $4.34 1/2, down 3 1/2 cents, currently up 4 cents
