Corn price action is steady to a penny lower on Thursday morning. Futures posted Wednesday gains of 1 to 3 ¼ cents across most contracts at the close. Preliminary open interest was up 822 contracts, with December down 22,102 contracts and March up 6,102 contracts. The CmdtyView national average Cash Corn price was up another 4 cents at $3.96 3/4.
Due to the Veteran Day federal holiday on Tuesday, the weekly EIA report will be released on Thursday, a day behind normal schedule.
WASDE data will be released on Friday, with corn ending stocks seen at 2.136 bbu, which would be a 26 mbu increase from the September report, as the September Grains Stocks data will be included with the higher than expected September 1 corn stocks.
Brazil’s CONAB estimates the country’s corn crop at 138.84 MMT, up 0.56 MMT from October.
A South Korean importer purchased 130,000 MT of corn in a tender overnight. Taiwan also purchased 65,000 MT of US corn overnight.
Dec 25 Corn closed at $4.35 1/4, up 3 1/4 cents, currently unch
Nearby Cash was $3.96 3/4, up 4 cents,
Mar 26 Corn closed at $4.49 1/4, up 2 1/4 cents, currently down ¼ cent
May 26 Corn closed at $4.57 1/4, up 1 1/4 cents, currently down 1 cent
