Corn prices are sticking close to unchanged on Wednesday morning. Futures edged back towards their intraday lows at the Tuesday close, settling with 4 to 5 cent losses. Preliminary open interest showed net new selling, up 18,351 contracts on Tuesday, The CmdtyView national average new crop Cash Corn price was down 4 ½ cents on Tuesday at $3.765.
Japan and the US agreed to a trade deal that was announced late on Tuesday. Tariffs will be set at 15% starting August 1. It also expects to boost rice imports by Japan, with Japan buying $8 billion in ag goods.
Rain is expected to continue across much of the Corn Belt in the next week, with lighter totals seen in MI, NE, MO and the Southern Plains.
ANEC estimates the July Brazil corn exports at 4.14 MMT, which is down from the 4.6 MMT estimate in the week prior. Several South Korean importers purchased a total of 269,000 MT of corn in tenders overnight.
Sep 25 Corn closed at $3.99 1/4, down 4 1/2 cents, currently up ¾ cent
Nearby Cash was $3.86 1/2, down 4 1/2 cents,
Dec 25 Corn closed at $4.18, down 4 1/4 cents, currently up 1/4 cent
Mar 26 Corn closed at $4.35 3/4, down 4 cents, currently down 1/2 cent
New Crop Cash was $3.76 1/2, down 4 1/2 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.
