As of Wednesday morning, corn prices are down by a penny in futures trading, after closing up 4 to 5 cents on Tuesday, supported by a rally in the wheat market. The CmdtyView national average cash corn price rose by 5 cents to $4.39. Open interest decreased by 10,034 contracts, with 36 deliveries against May futures overnight.
The May WASDE report released on Tuesday indicated an increase of 15 million bushels (mbu) in the U.S. ending stocks projection to 2.142 billion bushels (bbu), attributed to a reduction in ethanol usage. The 2026/27 U.S. balance sheet estimates an ending stock of 1.957 bbu, with production projected at 15.995 bbu and a yield of 183 bushels per acre (bpa). Additionally, USDA raised Brazil’s production forecast to 135 million metric tons (MMT) and Argentina’s to 59 MMT.
For immediate futures, July corn closed at $4.80, September at $4.86 ¼, and December at $5.02, each experiencing minor fluctuations after closing higher on Tuesday.
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