Corn prices saw a decline of 7 to 8 ¼ cents on Wednesday morning following a previous increase of 6 to 8 ¾ cents across most futures contracts on Tuesday. The closing price for September corn was $5.21 ½, reflecting a rise of 6 ½ cents, while the national average cash corn price reached $4.99 ¾, up 7 ¼ cents. Notably, open interest increased by 19,874 contracts, indicating new buying interest, and an additional 203 deliveries were reported against September corn.
The USDA reported that 474.7 million bushels of corn were used for ethanol production in July, marking a 2.3% month-over-month increase and a 3.75% increase year-over-year. Additionally, the week’s Crop Progress report indicated that corn condition ratings remained steady at 47% rated as good to excellent, with notable declines in states like North Dakota and South Dakota. Brazil’s initial corn crop estimate rose to 29.3 million metric tons, reflecting a slight upward revision of 0.5 million metric tons from previous figures.
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