Corn Slide Continuing on Wednesday Morning
Corn prices are down fractionally to 2 cents early on Wednesday. Futures closed the Tuesday session with contracts down 5 to 7 cents, as September fell below the $4 mark. Preliminary open interest was down 2,349 contracts on Tuesday. There were 36 deliveries against July corn futures overnight. The front month CmdtyView national average Cash Corn price was down a nickel at $3.84.
The Central Corn Belt is expected to receive 1 to 3 inches of rain this week, with the western half of the Plains and parts of the ECB seeing lighter totals.
Crop Progress data showed 18% of the US corn crop was silking by July 6, 3 points ahead of normal, with 3% in the dough stage. Condition ratings were up 1% to 74% good/excellent, with the Brugler500 index improving 3 points to 385. Much of the improvement came in the West, with IA up 2 points, KS 15 points higher, and MO up 1. IL was down 9 points, with OH slipping 4 and NE down 2 points.
UGA, a Ukraine grain trader union, estimates the country’s 2025 corn crop at 29.25 MT, with exports up to 24 MMT for 2025/26.
Jul 25 Corn closed at $4.11, down 7 cents, currently up 1 cent
Nearby Cash was $3.84, down 5 cents,
Sep 25 Corn closed at $3.98, down 5 1/2 cents, currently down 1/2 cent
Dec 25 Corn closed at $4.14 1/4, down 6 1/2 cents, currently down 1 3/4 cents
New Crop Cash was $3.73 3/8, down 5 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. For more information please view the Barchart Disclosure Policy here.