Corn prices are showing 2 to 3 cent losses to kick off Wednesday trade. Futures closed out the Tuesday session turning around from the early morning strength, as contracts were down 1 to 1 3/4 cents. The national average Cash Corn price from cmdtyView was down by 1 ½ cents at $3.79 per bu.
Ethanol data will be updated later today by the EIA.
The weekly Crop Progress report from NASS showed condition ratings left unchanged in the combined gd/ex categories at 65%, with 1% dropping from excellent to good and pulling the Brugler500 index down 1 point to 364. Ratings in OH slipped 8 points, with ND down 6 points, NE losing 5 points, IL and IN dropping 2 points and 1 point in IA.
Next Monday will be the USDA Grain Stocks report, signaling the final stocks total for the 2023/24 marketing year. Traders surveyed by Reuters are expecting to see 1.844 bbu, with a range of 1.655 to 2.017 bbu and USDA at 1.812 bbu in the September WASDE.
Brazil’s ANEC estimates the country’s September corn exports at 6.68 MMT, up slightly from their previous estimate last week.
Dec 24 Corn closed at $4.11 3/4, down 1 3/4 cents, currently down 2 1/4 cents
Nearby Cash was $3.79, down 1 1/2 cents,
Mar 25 Corn closed at $4.30 3/4, down 1 cent, currently down 2 1/2 cents
May 25 Corn closed at $4.41 1/4, down 1 1/4 cents, currently down 2 1/4 cents
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