Corn Bulls Taking a Breather on Wednesday Morning

Corn price action is down 7 to 8 ¼ cents so far on Wednesday morning. Futures posted gains of 6 to 8 ¾ cents across most contracts on Tuesday, extending to new highs. Open interest was up 19,874 contracts on Tuesday, indicating net new buying. There were another 203 deliveries issued against September corn overnight. The CmdtyView national average Cash Corn price was up 7 1/4 cents at $4.99 3/4.

USDA's monthly Grain Crushing report was out on Tuesday with a total of 474.7 mbu of corn used for ethanol in July. That was 2.3% above last month and 3.75% larger yr/yr.

This week's Crop Progress report showed condition ratings steady at 47% in good to excellent condition, as the Brugler500 index slipped another point to 347 on a 1 point move from excellent to good. By state, IL (-3), IA (-2), MN (-5), ND (-6), OH (-1), SD (-7), TX (-7), and WI (-5) all saw deterioration. Improvement was noted in CO (+29), MI (+8), MO (+4), and NE (+3).

Brazil's first corn crop is estimated at 29.3 MMT according to StoneX, up 0.5 MMT from their previous estimate.

Sep 26 Corn closed at $5.21 1/2, up 6 1/2 cents, currently down 7 1/4 cents

Nearby Cash was $4.99 3/4, up 7 1/4 cents

Dec 26 Corn closed at $5.46, up 8 1/4 cents, currently down 8 1/2 cents

Mar 27 Corn closed at $5.60 1/4, up 8 cents, currently down 8 1/4 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. This article was originally published on Barchart.com