Corn price action is down 1 to 2 cents so far on Wednesday morning. Futures fell back on Tuesday with contracts down 1 to 3 ¼ cents across most nearbys. Preliminary open interest was down 22,441 contracts on Tuesday, mainly due to September liquidation (-47,405 contracts) ahead of First Notice Day on Friday. The CmdtyView national average Cash Corn price was down 2 cents at $3.69 3/4.
EIA will release their weekly production report for ethanol later this morning with some looking for a bounce back in output after last week’s drop.
