Corn prices declined by 4 to 4½ cents on Wednesday morning, continuing a downward trend after futures closed Tuesday down 2 to 7 cents. The national average cash corn price fell 7¼ cents to $4.13½. Open interest also showed a decrease, with 5,610 contracts exiting the market, coinciding with a $5.20 drop in crude oil prices.
The weekly Crop Progress report indicated a 2% drop in corn condition ratings, now at 61% in good to excellent condition. The Brugler500 index decreased by 5 points to 356. Notable declines were reported in North Dakota (-26%), Kansas (-20%), and Nebraska (-15%). In contrast, improvement was observed in Iowa (+2%), Illinois (+4%), and Ohio (+4%).
StoneX estimates the U.S. corn yield at 184.8 bushels per acre, projecting a total production of 16.16 billion bushels. June corn exports reached a record 7.926 million metric tons, up 9.29% from May, while distillers exports hit an 11-year high of 1.099 million metric tons.
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.
