Corn prices are down 4 to 5 ½ cents so far on Wednesday morning. Futures corrected from the sharp Monday gains on Tuesday, with contracts steady to 1 ¾ cents lower at the close. Preliminary open interest was down 6,852 contracts on Tuesday, with July (-4,987) and December (-5,670) seeing the largest drop. The CmdtyView national average Cash Corn price was down 1 ½ cents to $4.35.
NASS Crop Progress data showed the US corn crop at 76% planted as of Sunday, which was 6% ahead of the 5-year average pace of 70%. The only states to be behind average pace for planting are Kansas, Michigan, and North Carolina. The crop was also 39% emerged, which is 2 percentage points faster than normal.
EIA data will be released later this morning, with traders looking for a steady to higher ethanol output number in the week of 5/15.
Jul 26 Corn closed at $4.75 1/4, down 1 3/4 cents, currently down 5 1/2 cents
Nearby Cash was $4.35, down 1 1/2 cents,
Sep 26 Corn closed at $4.81 1/2, down 3/4 cent, currently down 5 1/4 cents
Dec 26 Corn closed at $4.97 3/4, down 1/4 cent, currently down 4 3/4 cents
New Crop Cash was $4.51 7/8, down 1/2 cent,
