Corn Prices Surge on Wheat Spillover Effect
Corn prices have surged higher on Wednesday morning, following gains in wheat. The nearby September contracts saw an open interest drop of 17,119 contracts, largely due to rolls out of the contract.
The CmdtyView national average Cash Corn price was down a penny at $4.07 3/4. Storms across parts of the I-states and OH on Tuesday brought flash flooding with heavy localized rains, but the extent of damage is unknown.
According to Monday's Crop Progress report, condition ratings were steady at 61% in good to excellent condition. However, deterioration was noted in several states, including ND (-26%), MI (-13%), MN (-8%), WI (-7%), IA (-6%), and SD (-3%). Some improvement was seen in IN (+4%), KS (+5%), NE (+8%), and TN (+1%).
Ahead of today's Crop Production report from NASS, a Reuters survey of analysts shows expected yield at 182.4 bushels per acre, with a range of 180.5 to 184.8 bpa.