Corn is trading with early gains of 6 to 7 cents on Wednesday morning. Spillover from double-digit gains in wheat is supportive. Futures found strength late in the session, with contracts up 2 to 3 ¼ cents across the front months. Modest new buying interest was noted, with open interest rising 3,833 contracts. The CmdtyView national average Cash Corn price was up 3 ¼ cents at $4.21.
The weekly Crop Progress report showed condition ratings back down 1% at 67% in good to excellent condition, as the Brugler500 index slipped 1 to at 372. Ratings in ND (-18), SD (-14), CO (-23), WI (-8), KS (-7), MO (-7) and MN (-5) all took a dip in that week. The I-States were improving, with IL up 3 and IN/IA rising 5 points, as NE improved 4 and OH up 1.
