Corn Market Takes a Breather After Posting New Highs

The corn market took a breather on Wednesday morning after posting gains of 6 to 8 ¾ cents across most contracts on Tuesday, which extended to new highs. The price action for corn is currently down 7 to 8 ¼ cents. This comes as the USDA's monthly Grain Crushing report showed that 474.7 million bushels of corn were used for ethanol in July, a 2.3% increase from last month and 3.75% larger year-over-year.

The CmdtyView national average Cash Corn price was up 7 1/4 cents at $4.99 3/4, while the September corn contract closed at $5.21 1/2, up 6 1/2 cents on Tuesday but currently down 7 ¼ cents. The Crop Progress report showed condition ratings steady at 47% in good to excellent condition, with deterioration noted in several states including Illinois, Iowa, Minnesota, and Texas.

However, some improvement was seen in other states such as Colorado, Michigan, Missouri, and Nebraska. Brazil's first corn crop is estimated at 29.3 million metric tons according to StoneX, up 0.5 million metric tons from their previous estimate.