Corn is starting Wednesday trade with contracts fractionally to a penny higher. Futures closed out the Tuesday session with most contracts 2 to 3 ¼ cents lower at the final bell. Preliminary open interest data suggested new selling, rising 10,345 contracts. The CmdtyView national average Cash Corn price was down 3 1/4 cents to $3.92 3/4.
There was some outside pressure, with losses in wheat adding spillover weakness and crude oil dropping $1.61/barrel.
EIA data will be released on Wednesday with some expecting ethanol production to be steady to slightly lower than last week.
A South Korean importer purchased a total of 268,000 MT of corn in a tender overnight.
Mar 26 Corn closed at $4.36 1/2, down 3 1/4 cents, currently up 1 cent
Nearby Cash was $3.92 3/4, down 3 1/4 cents,
May 26 Corn closed at $4.44 1/2, down 3 1/4 cents, currently up 3/4 cent
Jul 26 Corn closed at $4.51, down 2 3/4 cents, currently up 1/2 cent
