Corn futures are trading lower on Wednesday morning, with contracts down 3 to 4 cents. This follows a strong performance on Tuesday, where contracts closed 6 to 10 ¾ cents higher. The CmdtyView national average Cash Corn price rose 10 1/2 cents to $4.69. Open interest also increased by 8,479 contracts on Tuesday.
Monthly Census data revealed that corn exports in August reached a record 7.422 MMT (292.21.5 mbu), a 25.71% increase from July. This brought the marketing year total to 3.426 bbu. Distillers exports were 1.301 MMT, marking the second-largest August on record. Ethanol exports hit a new high at 211.77 million gallons, up 5.57% from the previous year.
Monday’s Crop Progress report indicated that harvest progress is lagging, with only 23% complete, 4 percentage points behind the average pace. States like Iowa, Michigan, Nebraska, Ohio, and South Dakota are notably behind. Condition ratings also declined by 3%, with 54% of the crop in good to excellent condition. Meanwhile, Brazil’s September exports rose 11.96% from the previous month but fell short by 31.09% compared to the same period last year.
A South Korean importer has tendered for 207,000 MT of corn, with a deadline set for today. Key contract prices include Dec 26 Corn closing at $5.08, down 3 1/4 cents; Nearby Cash at $4.69, up 10 1/2 cents; Mar 27 Corn closing at $5.22 1/4, down 3 1/2 cents; and May 27 Corn closing at $5.29, down 3 1/4 cents.