Corn prices are down 2 to 3 ¼ cents so far on Wednesday morning. Futures fell 6 to 7 cents across most contracts on the Tuesday session, as USDA found a couple (hundred million) more bushels than the trade had expected in the quarterly Grain Stocks report. Preliminary open interest was up 11,836 contracts on Tuesday, suggesting new selling interest. The CmdtyView national average Cash Corn price was down 6 cents at $3.72 ¼.
Tuesday’s Grain Stocks report showed September 1 corn stock, both on and off farm, at 1.532 bbu. That was well above the average trade guess of 1.336 bbu, as well as the September WASDE estimate for ending stock, yet still 231 mbu below last year. Very minimal revisions were made to the June stocks data, with 2024/25 production up 25 mbu.
Condition ratings from Monday’s Crop Progress report showed IL up 1 point on the Brugler500 index, with IN improving 2, ND 4 points better, OH up 7, and MI 8 points higher. Deterioration was noted in NE down 6, with SD slipping 4, IA 3 lower and MN dropping 1 point.
Despite the government shutdown overnight, the EIA is expected to release their Weekly Petroleum Status report later this morning according to their website.
The Buenos Aires Grain Exchange estimates the 2025/26 Argentina corn crop at 58 MMT, which is well above the 49 MMT from last year. ANEC estimates the Brazilian corn exports for September at 7.27 MMT, which was a drop of 0.34 MMT from the estimate last week.
Dec 25 Corn closed at $4.15 1/2, down 6 cents, currently down 2 1/2 cents
Nearby Cash was $3.72 1/4, down 6 cents,
Mar 26 Corn closed at $4.32, down 6 1/2 cents, currently down 3 1/4 cents
May 26 Corn closed at $4.41 3/4, down 6 cents, currently down 3 1/4 cents
