Corn price action is down 2 to 2 ½ cents so far on Wednesday morning. Futures saw gains of 2 to 3 cents in most contracts on Tuesday, with some deferred contracts steady to fractionally higher. Open interest was down 5,449 contracts on Tuesday, mostly in the May contract (-9,034), with New crop December up 3,509 contracts. The CmdtyView national average Cash Corn price was up 3 cents to $4.24. Crude oil finished the day with late pressure, as reports surfaced of a potential 1-month ceasefire on the Middle East conflict. Iran has reportedly rejected the negotiations.
EIA data will be released this morning, with ethanol production seen steady to slightly higher in the week ending on 3/20.
Ukraine’s corn production is estimated at 31-32 MMT according to the country’s UAC Union, compared to the 31 MMT number from last year.
May 26 Corn closed at $4.62 1/2, up 3 cents, currently down 2 1/2 cents
Nearby Cash was $4.20 1/1, up 3 cents,
Jul 26 Corn closed at $4.72 1/2, up 2 cents, currently down 2 cents
Dec 26 Corn closed at $4.89, up 2 1/2 cents, currently down 2 1/4 cents
New Crop Cash was $4.46 1/8, up 2 1/2 cents,
