Corn prices rose early on Wednesday, with nearby futures climbing 3 to 5 cents, nearing the highest levels since August 2023. This increase follows a Tuesday session where futures gained between 7 ¾ to 10 ¼ cents, closing above $5. Open interest fell by 3,765 contracts, primarily in September, while the national average cash corn price increased by 9 cents to $4.71 ½.
As of August 23, 86% of the U.S. corn crop is in the dough stage, with 45% dented and 6% mature. However, condition ratings dropped 3% to 57% in good to excellent condition, with North Dakota experiencing the most significant decline at -22 points.
Looking internationally, Brazil’s corn acreage for 2026/27 is projected at 23.3 million hectares, a 3.1% increase from last year, while Argentina’s acreage remains steady at 8.4 million hectares.
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