
Corn price action is down another 2 to 4 cents so far on Tuesday. Futures extended the losses following the bearish USDA data release on Monday, as futures closed with 22 to 24 ¼ cent losses in the front months. Preliminary open interest shot up 44,360 contracts on Tuesday, suggesting new selling interest. Deferred contracts were down 5 to 14 ½ cents. The CmdtyView national average Cash Corn price was down 24 cents at $3.83 1/4.
A private export sale announcement of 204,000 MT of corn was announced to South Korea this morning by USDA, with another 310,000 MT of corn sold to unknown destinations. That news was buried by other not so friendly USDA reports.