Corn Prices Take Breather After Strong Showing
US corn prices took a breather on Wednesday morning, falling by 7 to 8 ¼ cents across most contracts. This comes after a strong showing on Tuesday when futures posted gains of 6 to 8 ¾ cents and extended to new highs.
Open interest was up 19,874 contracts on Tuesday, indicating net new buying, while another 203 deliveries were issued against September corn overnight. The CmdtyView national average Cash Corn price rose by 7 1/4 cents to $4.99 3/4.
The USDA's monthly Grain Crushing report revealed that a total of 474.7 mbu of corn was used for ethanol in July, up 2.3% from last month and 3.75% larger year-over-year.
According to the Crop Progress report, condition ratings remained steady at 47% in good to excellent condition, but the Brugler500 index slipped another point to 347 due to deteriorating conditions in states such as Illinois, Minnesota, North Dakota, and Wisconsin.