Corn prices are trading with 1 to 2 cent gains so far on Wednesday morning. Futures closed out the Tuesday session with contracts up 1 to 2 ½ cents, fighting off some intraday weakness. The front month national Cash Corn price from cmdtyView was up 2 cents at $3.77 ¼ per bu.
USDA’s Crop Progress report showed corn crop ratings up 1% to 65% gd/ex with the Brugler500 index up 1 point to 365. By state, MN was the largest improvement, up 9, with IL up 8 points, NE 3 points higher and MO improving 2 points. Ratings in OH continue to deteriorate, down 21 points, with KS losing 12, SD down 11 IN slipping 7, ND losing 6 points and IA down 2.
Brazil’s 2024/25 corn crop is estimated at 119.8 MMT according to CONAB’s initial estimate. That is below the 127 MMT projection from the USDA.
Dec 24 Corn closed at $4.12 1/2, up 1 3/4 cents, currently up 1 1/4 cents
Nearby Cash was $3.77 1/4, up 2 cents,
Mar 25 Corn closed at $4.30 3/4, up 1 1/2 cents, currently up 1 1/4 cents
May 25 Corn closed at $4.41 1/4, up 1 cent, currently up 2 cents
New Crop Cash was $3.77 1/4, up 2 cents,
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