Corn Biding Slightly Higher on Wednesday Morning
Corn prices are fractionally to 1 ½ cents higher so far on Wednesday morning. Futures rounded out Tuesday trade with the front months down as much as 2 cents, as contracts pulled back from some technical pressure. Preliminary open interest data rose 16,797 contracts on Tuesday. The CmdtyView national average Cash Corn price was at $3.77 at today’s close. The average close for December futures so far this month has been $4.20. The whole month average price is used to determine the harvest price for crop insurance.
EIA data will be released this morning, with some traders looking to see if ethanol production rebounds from the drop last week.
Despite the government shutdown likely suspending the Thursday Crop Production report, a Reuters survey shows analysts estimating yield at 185 bpa, down 1.7 bpa from September.
Dec 25 Corn closed at $4.19 3/4, down 2 cents, currently up 1 1/4 cents
Nearby Cash was $3.77, up 1 cent,
Mar 26 Corn closed at $4.36 1/4, down 2 cents, currently up 1/2 cent
May 26 Corn closed at $4.45 1/4, down 2 cents, currently up 1/2 cent
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.