Corn futures are steady so far on Wednesday AM trade, with contracts fractionally mixed. Bulls missed the turnaround part of the Tuesday session, as futures closed with losses of 3 to 5 cents. Preliminary open interest was up 28,273 contracts on Tuesday. The CmdtyView national average new crop Cash Corn price was down 3 3/4 cents at $3.67 3/4.
Weekly ethanol production will be updated on Wednesday, with some looking for a slight drop in output during the week of July 25.
A South Korean importer purchased a total of 195,000 MT of corn in a tender overnight. That followed 133,000MT in purchases earlier. A Taiwan importer also purchased a total of 65,000 MT of corn from the US in their tender overnight.
ANEC estimates Brazil’s import total for July at 4.18 MMT, which is up slightly from their previous estimate at 4.14 MMT and would be up from the 3.55 MMT last year.
Sep 25 Corn closed at $3.89 1/4, down 4 1/2 cents, currently up 1/4 cent
Nearby Cash was $3.72 1/2, down 5 cents,
Dec 25 Corn closed at $4.11, down 3 cents, currently unch
Mar 26 Corn closed at $4.28 3/4, down 2 1/2 cents, currently down 1/2 cent
New Crop Cash was $3.67 3/4, down 3 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.
