On Wednesday morning, corn prices increased by 3 to 4 cents, supported by significant gains in wheat. Open interest fell by 17,119 contracts, primarily in the September contract, which is seeing rollovers. The CmdtyView national average cash corn price is reported at $4.07 3/4, down 1 cent from the previous day, while futures experienced marginal losses on Tuesday, declining 1 to 2 cents.
Weather disruptions also occurred, with storms causing flash flooding and strong winds across parts of the I-states and Ohio on Tuesday. The National Weather Service indicated that preliminary data suggests a derecho impacted areas from eastern Iowa to northern Indiana, though the extent of damage remains unknown. Monday’s Crop Progress report showed a steady 61% of crops rated in good to excellent condition, while estimates for the upcoming Crop Production report predict a yield of 182.4 bushels per acre and production at 15.934 billion bushels.
Brazil’s corn export estimates for August have risen to 5.17 million metric tons, compared to 4.08 million metric tons last week.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
