Corn prices are up 6 to 7 cents early on Wednesday trade. Futures closed the Tuesday session with 1 to 3 cents losses across most contracts. There were 553 deliveries against March corn overnight. Preliminary open interest was down 12,010 contracts on Tuesday. The CmdtyView national averageCash Corn price was down 1 1/4 cents to $4.09 3/4. Crude oil was down $8.38 on the day, though they did bounce $8 off the low on reports that Iran was placing mines in the waterway. They are back up $3.63 this morning.
EIA will be released on Wednesday, with traders looking for ethanol production to bounce from the week prior.
USDA’s monthly WASDE report from this morning showed no changes on the US balance sheet, as carryout was left at 2.127 bbu.
Over on the world front, the World Ag Outlook Board there were offsetting changes to the South American production numbers as Argentina was lowered by 1 MMT to 52 MMT and Brazil raised by 1 MMT to 132 MMT. World ending stocks were up 3.76 MMT to 292.75 MMT. That came as old crop Brazilian stocks were increased by 0.78 MMT and demand for the current marketing year was lowered by 0.5 MMT. Ukraine output was raised by 1.7 MMT, with stocks rising by 1.3 MMT.
Mar 26 Corn closed at $4.36 1/4, down 1 1/4 cents, currently unch
Nearby Cash was $4.09 3/4, down 1 1/4 cents,
May 26 Corn closed at $4.52 1/4, down 1 1/2 cents, currently up 6 1/4 cents
Jul 26 Corn closed at $4.63 1/4, down 2 1/4 cents, currently up 6 3/4 cents
