Corn price action is fractionally to 1 ¼ cents in the red so far on Wednesday morning. Futures posted steady to penny higher trade across the front months on Tuesday. Open interest was up 3,523 contracts. The CmdtyView national average Cash Corn price was steady at $3.95 1/4. The average close for December futures in February has been $4.58, as the base spring price for crop insurance is underway.
The monthly WASDE update from the USDA showed the US ending stocks cut by 100 mbu, with carryout projected at 2.117 bbu. The only major adjustment was a 100 mbu increase to the export projection.
The world numbers also got an update, with Brazil corn production unchanged, as well as Argentina. World ending stocks were projected at 288.98 MMT, down 1.93 MMT from January.
Brazilian corn exports are estimated to total 953,217 MT during February according to ANEC, which is up 159,953 MT from their previous number.
Mar 26 Corn closed at $4.28 3/4, unch, currently down 3/4 cent
Nearby Cash was $3.95 1/4, down 0 cent,
May 26 Corn closed at $4.37 1/4, up 1/4 cent, currently down 1 1/4 cents
Jul 26 Corn closed at $4.44 3/4, up 1 cent, currently down 1 cent
