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.
EIA data will be released this morning, with analysts expecting to show a bounce back in ethanol production from the week prior.
Several South Korean importers issued tenders overnight, with a total of 198,000 MT purchased, though no origins were announced.
Brazil’s corn export total in March totaled 983,029 MT according to trade data, which was up 12.82% from last year but down 36.67% from February.
May 26 Corn closed at $4.49, down 5 cents, currently down 5 3/4 cents
Nearby Cash was $4.10 1/2, down 4 3/4 cents,
Jul 26 Corn closed at $4.60, down 5 1/4 cents, currently down 6 1/2 cents
Dec 26 Corn closed at $4.78, down 5 cents, currently down 7 cents
New Crop Cash was $4.35 3/8, down 5 cents,
