Corn prices are 1 to 2 cents back lower on Wednesday morning. Futures rounded out Tuesday trade, with contracts steady to 2 ¼ cents higher, as July slipped ¼ cent. Preliminary open interest was down 20,438 contracts on Tuesday, mostly in May through December. The CmdtyView national average Cash Corn price was steady to $4.11 3/4. Crude was up $2.52 on the day.
EIA data will be released this morning, showing ethanol production and stocks data for the week ending last Thursday. Analysts are looking for output to be steady with last week.
Ukraine’s economic ministry estimates the country will plant 4.42 million hectares (10.92 million acres) of corn this spring. Overall grain acreage is estimated at 6 million hectares (14.83 million acres), up 240,000 (593,000 acres) from last year. Coceral estimates the UK and EU corn crop at 60.7 MMT, up 1.8 MMT from the previous estimate.
May 26 Corn closed at $4.54, unch, currently down 1 3/4 cents
Nearby Cash was $4.11 3/4, up 0 cent,
Jul 26 Corn closed at $4.65 1/2, down 1/4 cent, currently down 1 1/2 cents
Dec 26 Corn closed at $4.81 3/4, up 1 3/4 cents, currently down 1 3/4 cents
New Crop Cash was $4.38, up 1 1/2 cents,
