Corn prices are down 3 to 4 cents early on Wednesday morning. Futures saw some late day strength, as contracts closed with gains of 2 to 5 cents across most nearbys. Contracts closed 7 to 10 cents off the early session lows. Preliminary open interest was up 10,489 contracts on Tuesday. The CmdtyView national average Cash Corn price was down 5 cents at $3.79.
The monthly NASS Grain Crushing report showed 455.82 million bushels of corn used in ethanol production during July. That was a 2% increase from June but down 5.8% from last year. The full marketing year shipments in the first 11 months of the MY are at 4.978 bbu, 20 mbu below the same period last year.
Crop Progress data showed 90% of the US corn crop in the dough stage as of August 31, 1 point behind the 5-year average. The crop was also 58% dented, with 15% listed as mature. Conditions were down 2 points to 69% gd/ex, with the Brugler500 index (factoring in all 5 USDA categories) falling 5 points to 376, the lowest since the first week of June.
USDA tallied corn export shipments at 1.407 MMT (55.39 mbu) during the week ending on August 28. That was up 5.12% from last week and 45.58% above the same week last year. Of that total, 445,724 MT was headed to Mexico, with 290,727 MT on its way to Japan and 247,097 MT to Colombia. Marketing year exports have totaled 66.966 MT (2.636 bbu), which is 28.61% above the same period last year.
Sep 25 Corn closed at $4.03, up 5 cents, currently down 3 cents
Nearby Cash was $3.79, down 5 cents,
Dec 25 Corn closed at $4.23, up 2 3/4 cents, currently down 3 3/4 cents
Mar 26 Corn closed at $4.40 3/4, up 3 cents, currently down 3 cents
