Corn prices are down 1 to 2 cents early on Wednesday, reverting from early week gains. Futures closed the Tuesday session off the midday highs, but still fractionally to 3 ¼ cents in the green. Continued short covering was noted, with open interest dropping 11,437 contracts. The CmdtyView national average Cash Corn price was up 3 1/2 cents to $3.92 ½.
Crop Progress data was not reported on Monday due to the government shutdown, with traders looking for 72% of the corn crop harvested as of 10/26.
EIA data will be released on Wednesday, with traders looking for ethanol production to be steady with last week.
Brazil’s ANEC estimates the country’s corn exports in October at 6.19 MMT, a 0.38 MMT drop from their prior estimate.
Dec 25 Corn closed at $4.32, up 3 1/4 cents, currently down 1 cent
Nearby Cash was $3.92 1/2, up 3 1/2 cents,
Mar 26 Corn closed at $4.46, up 1 3/4 cents, currently down 2 cents
May 26 Corn closed at $4.55, up 1 1/4 cents, currently down 1 3/4 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.
