Corn prices started the day on Wednesday with a slight decrease of 1 to 2 cents. However, futures saw gains in most contracts on Tuesday, closing up 1 to 2 cents. Open interest also saw an increase of 5,489 contracts on Tuesday, with 17,230 contracts still exiting the Dec contract. The national average Cash Corn price, according to CmdtyView, was up 2 cents at $3.98 1/4.
After a pause of nearly a month and a half, the USDA released their Crop Progress report, indicating that 91% of the corn crop had been harvested as of 11/16, lagging behind the 94% average harvest pace over the last 5 years.
On Tuesday, a South Korean importer bought a total of 130,000-135,000 MT of corn in a tender, with the origin of the corn yet to be announced.
CFTC data for the week of September 30 is set to be released on Wednesday afternoon. The full Commitment of Traders dataset is not expected to be fully updated until January 23.
EIA data is scheduled to be released on Wednesday morning, with most analysts anticipating ethanol production to remain steady compared to the previous week.
As for the market, Dec 25 Corn closed at $4.36 3/4, up 2 cents, currently down 2 cents. Nearby Cash was at $3.98 1/4, up 2 cents. Mar 26 Corn closed at $4.49 1/2, up 1 1/2 cents, currently down 1 3/4 cents. May 26 Corn closed at $4.56 1/2, up 1 cent, currently down 1 1/2 cents.
It’s important to note that the information and data provided in this article are for informational purposes only. The original article was published on Barchart.com.
