Corn prices have decreased by 5 to 7 cents in early trading on Wednesday, with futures down 4 to 5 cents. The CmdtyView national average cash corn price stands at $4.10 1/2, down 4 3/4 cents. Crude oil has dropped by $19.46 following a two-week ceasefire between Iran and the US, allowing for the reopening of the Strait of Hormuz, though traffic remains limited.
Ahead of the WASDE update on Thursday, analysts from Bloomberg anticipate a minor increase of 3 million bushels in the US carryout projection, rising to 2.13 billion bushels. The EIA is expected to release data today indicating a rebound in ethanol production.
In import activity, South Korean buyers have issued tenders for 198,000 MT of corn, although the origins were not disclosed. Meanwhile, Brazil exported 983,029 MT of corn in March, reflecting a 12.82% increase from the previous year, but a 36.67% decrease from February figures.
