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Austin Schroeder

Corn Facing Pressure to Start Wednesday as Oil Collapses

Oil CmdtyView

Corn price action is down 5 to 7 cents in early Wednesday trade. Futures were 4 to 5 cents lower on the session. The CmdtyView national average Cash Corn price was down 4 3/4 cents at $4.10 1/2. Crude oil is down $19.46 so far this morning following a 2-week ceasefire between Iran and the US that includes the reopening of the Strait of Hormuz. Traffic was limited overnight.

Ahead of the Thursday WASDE update, analysts surveyed by Bloomberg are looking for a slight increase (3mbu) from March to 2.13 bbu for the US carryout projection.

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