Corn price action is showing 5 to 6 cent gains so far on Wednesday morning. Futures rounded out the Tuesday session on a mixed note, with front months down ¼ to 1 ¾ cents and new crop contracts up ¾ to 2 ¾ cents. Open interest was up 11,491 contracts on Tuesday, implying modest new buying interest. The CmdtyView national average Cash Corn price was down 1 1/2 cents at $3.83 3/4.
Weekly Crop Progress data from Monday showed the US corn condition ratings at 68% in good to excellent condition, up 1 percentage point from the previous week. The Brugler500 index was up 1 point on higher excellent ratings to 373. Improvement was noted in OH (+21), SD (+14), IN (+7), and MN (+4), with deteriorating conditions in IA (-9), MO (-7), NE (-10), and ND (-2).
