Corn Prices Bounce on Wheat Support Amid Storm Damage Concerns

Corn prices are up 3 to 4 cents on Wednesday morning as wheat futures experience double-digit gains. This support is driving the increase in corn prices, with open interest down 17,119 contracts mainly in the nearby September contract due to rolling out of the contract.

The CmdtyView national average Cash Corn price was down a penny at $4.07 3/4 on Tuesday, but storms across parts of the I-states and OH brought flash flooding with heavy localized rains and strong winds.

A Reuters survey of analysts shows expected yield at 182.4 bushels per acre, with a range of 180.5 to 184.8 bpa, while production is estimated at 15.934 bbu with harvested acres trimmed by 76,000.