Corn Futures Pull Back on Wednesday Morning After Recent Gains

Corn futures experienced a modest pullback on Wednesday morning, giving up some of the strong gains posted on Tuesday. Prices were down between 7 and 8.25 cents in early trading, following a rally of 6 to 8.75 cents across most contracts that pushed the market to fresh highs.

Open interest rose by 19,874 contracts on Tuesday, indicating net new buying. There were another 203 deliveries issued against September corn overnight. The CmdtyView national average cash corn price was up 7.25 cents, settling at $4.9975.

USDA’s monthly Grain Crushing report showed that a total of 474.7 million bushels of corn was used for ethanol production in July. This volume was 2.3% above the previous month and 3.75% larger than the same period last year.

The latest Crop Progress report showed corn condition ratings steady at 47% in good to excellent condition, though the Brugler500 index slipped another point to 347. State-level changes showed deterioration in Illinois, Iowa, Minnesota, North Dakota, Ohio, South Dakota, Texas, and Wisconsin, while Colorado, Michigan, Missouri, and Nebraska reported improvements.

Brazil’s first corn crop is estimated at 29.3 million metric tons according to StoneX, up 0.5 MMT from their previous estimate.

Specific market details for Wednesday morning include:

• Sep 26 Corn: Closed at $5.215, up 6.5 cents, currently down 7.25 cents.
• Nearby Cash: Quoted at $4.9975, up 7.25 cents.
• Dec 26 Corn: Closed at $5.46, up 8.25 cents, currently down 8.5 cents.
• Mar 27 Corn: Closed at $5.6025, up 8 cents, currently down 8.25 cents.

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