Corn Slipping Lower on Wednesday Morning
The corn market is facing weakness as we trade through Wednesday morning. Corn futures faced some Tuesday turnaround pressure, as contracts closed with 1 ¼ to 2 cent losses across the board. Preliminary interest continues to dip in the December contract, 3down another 27,847 contracts ahead of options expiration on Friday, with the rest of the months up 23,612 contracts. The national average Cash Corn price from cmdtyView was down 1 3/4 cents at $4.04 3/4 per bu.
EIA data will be released later this morning, with expectations of steady production from last week’s record.
Ukraine’s ag ministry expects the 2025 corn acreage to be up 500,000 hectares (1.24 million acres), mainly due to a drop in soybean acreage.
ANEC expects to see Brazil’s corn exports during November at 5.57 MMT, a slight increase over the 5.38 MMT previous estimate. That would be down from the 6.4 MMT in October and nearly 2 MMT below the same month in 2023.
Dec 24 Corn closed at $4.27 1/4, down 2 cents, currently down 1 3/4 cents
Nearby Cash was $4.04 3/4, down 1 3/4 cents,
Mar 25 Corn closed at $4.37 3/4, down 2 cents, currently down 2 cents
May 25 Corn closed at $4.45 1/4, down 1 1/2 cents, currently down 2 1/2 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.