Corn Futures Experience Gains Amid Market Updates
Corn futures are up by 1 to 3 cents on Wednesday morning. The corn market received support on Tuesday, with contracts rising 4 to 5 cents for the nearby months, while the December contract fell by ¼ cent. Open interest saw a decrease of 24,490 contracts overall, with May down by 42,765 contracts and July up by 20,834 contracts as the Goldman roll progresses. The CmdtyView national average cash corn price rose by 5 cents to $4.40 1/2.
Export News and Upcoming Reports
On Tuesday morning, the USDA reported a private export sale of 240,000 metric tons of corn for the 2024/25 marketing year to Spain.
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Later this morning, the EIA will release its weekly update on ethanol production.
Looking ahead, the USDA is set to release its monthly WASDE report on Thursday morning. Traders anticipate a reduction in the U.S. ending stocks projection by an average of 30 million bushels, bringing it to 1.51 billion bushels. The estimates vary widely, ranging from 1.405 to 1.605 billion bushels.
Current Market Pricing
The closing price for May 25 corn was $4.69, indicating an increase of 4 1/2 cents, with a current rise of 2 ½ cents.
Nearby cash corn closed at $4.40 1/2, up 5 cents.
For July 25 corn, the closing price was $4.74 3/4, an increase of 4 cents, with a current rise of 3 cents.
December 25 corn closed at $4.45 3/4, down 1/4 cent but is currently up 1 ¾ cents.
New crop cash prices held steady at $4.10 1/2, showing no change.
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article are solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
