Corn prices are up 2 to 3 ½ cents so far on Wednesday morning. Futures closed the Tuesday session with contracts down 1 to to 2 cents in the front months. Preliminary open interest was up 2,684 contracts on Tuesday, with March down 1,278 contracts and May up 3,428 contracts. The CmdtyView national average Cash Corn price was down a 1 ½ cents at $3.90 3/4.
USDA reported a private export sale of 110,000 MT of corn to unknown destinations on Tuesday morning. Another sale of 306,000 MT of sorghum was reported as sold to unknown.
EIA data will be released this morning, with some looking for a pullback in ethanol output for the week ending last Friday. In a speech in Iowa on Tuesday, President Trump stated his support for E-15 year around and that he is trusting both House and Senate leaders to get legislation approved.
ANEC estimates the January export total from Brazil at 3.39 MMT, down 0.06 MMT from last week. That would be shy of the 3.59 MMT from the same month last year if realized.
Mar 26 Corn closed at $4.26 1/2, down 1 3/4 cents, currently up 3 1/2 cents
Nearby Cash was $3.90 3/4, down 1 1/2 cents,
May 26 Corn closed at $4.34 3/4, down 1 1/4 cents, currently up 3 cents
Jul 26 Corn closed at $4.40 3/4, down 1 1/4 cents, currently up 2 cents
