Corn prices are trading with fractional losses on Wednesday morning, coming 3 to 4 cents off the overnight lows. Futures faded another round of export business, with traders taking a risk off approach across the commodities. Contracts were down 3 ¼ to 5 ¾ cents across the board. Open interest was up 8,155 contracts, with the December contract the exception, down 21,557 contracts. The CmdtyView national average Cash Corn price was down 5 1/2 cents at $4.06 3/4.
USDA reported a private export sale of 315,000 MT of corn to Mexico on Tuesday morning, with 136,000 MT sold to South Korea.
NASS Crop Progress data showed the US corn harvest at 74% complete as of November 1, moving 14% on the week but still 3 percentage points back of the 5-year average. Harvest pace in the east is ahead of schedule, specifically in IL (+3%), IN (+4%), with a few other states in the east lagging, MI (-11%), and OH (-7%). Other states behind schedule were IA (-13%), MN (-3%), NE (-9%), and SD (-12%).
EIA will release their weekly ethanol update on Wednesday, with some looking for output to be steady with the 1.118 million barrels per day from the week prior.
StoneX estimates the 2026/27 Brazilian first corn crop at 30.68 MMT, up 1.4 MMT from their previous number. The second crop is seen at 113.53 MMT. Their US yield estimate was raised by 1 bpa to 183.1 bpa, with production climbing 88 mbu from their prior number to 16.203 bbu.
Dec 26 Corn closed at $4.42 1/2, down 5 3/4 cents, currently down 1/4 cent
Nearby Cash was $4.06 3/4, down 5 1/2 cents,
Mar 27 Corn closed at $4.56 1/4, down 5 3/4 cents, currently down 1/4 cent
May 27 Corn closed at $4.65, down 5 3/4 cents, currently down 1/2 cent
Dec 27 Corn closed at $4.84, down 5 cents, currently unch
New Crop Cash was $4.47 1/1, down 1 3/4 cents,
On the date of publication, Austin Schroeder did not directly have a position in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.