Corn prices rose by 6 to 7 cents in early Wednesday trading after closing the previous day down by 1 to 3 cents across most contracts. On Tuesday, there were 553 deliveries against March corn, and preliminary open interest fell by 12,010 contracts. The CmdtyView national average cash corn price decreased by 1.25 cents to $4.09 3/4.
The USDA’s monthly WASDE report today maintained the U.S. balance sheet, with carryout remaining at 2.127 billion bushels. For South America, Argentina’s production was lowered by 1 million metric tons (MMT) to 52 MMT, while Brazil’s was raised by 1 MMT to 132 MMT. World ending stocks increased by 3.76 MMT to 292.75 MMT, driven by a rise in old crop Brazilian stocks and a decrease in current marketing year demand.
