Corn Losses Continue on Wednesday Morning Trade
Corn prices are down 1 to 2 cents early on Wednesday morning as futures continue to descent. Futures posted losses of 4 to 5 ½ cents to round out the Tuesday trade, as pressure continues to weight on the market. Preliminary open interest data showed net new selling, up 24,510 contracts on Tuesday. The CmdtyView national average Cash Corn price was down 5 3/4 cents at $3.65 1/4.
USDA reported a private export sale of 128,000 MT of new crop corn to unknown destinations on Tuesday morning.
Monthly Census trade data was released on Tuesday morning, showing June corn exports at the second largest all-time for the month at 6.747 MMT (265.62 mbu). That was up 22.76% from a year ago, but still 7.43% below May. Ethanol exports were a record for the month at 173.67 million gallons, a 29.58% increase yr/yr but 5.95% below May. Distillers exports were a 5 year low for the month at 917,307 MT
A South Korean importer purchased 68,000 MT of corn in their tender originally for 140,000 MT overnight.
Sep 25 Corn closed at $3.81 1/2, down 5 1/2 cents, currently down 1 3/4 cents
Nearby Cash was $3.65 1/4, down 5 3/4 cents,
Dec 25 Corn closed at $4.02, down 5 cents, currently down 1 1/2 cents
Mar 26 Corn closed at $4.20, down 4 3/4 cents, currently down 1 1/2 cents
New Crop Cash was $3.61 1/2, down 5 3/4 cents,
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 is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.