Corn Prices Pop Higher on Wheat Spillover Support
Corn prices rose 3 to 4 cents on Wednesday morning due to spillover support from wheat's double-digit gains. The nearby September contract saw a decrease in open interest, with 17,119 contracts rolled out as the contract continues to wind down. On Tuesday, corn futures posted marginal losses, falling by 1 to 2 cents across the board.
The CmdtyView national average Cash Corn price was down $0.01 at $4.07 3/4. Storms in parts of Iowa and Ohio on Tuesday brought flash flooding and heavy localized rains, with strong winds also reported. The extent of damage from these storms is currently unknown.
A Reuters survey of analysts ahead of the Crop Production report from NASS showed expected yields at 182.4 bushels per acre, with a range of 180.5 to 184.8 bpa. Production is estimated at 15.934 billion bushels, as harvested acres are expected to be trimmed by 76,000. Ending stocks for old crop are seen at 1.999 billion bushels, down 21 million from last month.