The current corn market is a penny to 1 ½ cents in the black heading into the Thursday day session. Corn ended Wednesday with 3 to 3 ¾ cent losses having wobbled back from the strong start to the week. March printed a 5 ¾ cent range for the day, entirely in the red, but closed 2c off the session low. Preliminary open interest rose 8,368 contracts, as the Tuesday rally attracted some new selling interest on Wednesday.
The new crop soy/corn ratio closed at 2.498 on Wednesday, from 2.525 at the beginning of the month.
The weekly FAS data will be delayed until Friday morning.
China continues to make steps toward more widespread use of GMO corn and soybeans. In a recent announcement the Ministry of Ag and Rural Affairs listed 26 seed companies that may produce and sell seeds in China. Note: all 26 listed companies are Chinese domestic companies. Modern GMO varieties typically have higher yields or better defenses against disease and pests than conventional varieties.
Mar 24 Corn closed at $4.76 1/2, down 3 3/4 cents, currently up 1 1/4 cents
Nearby Cash was $4.49 3/8, down 3 5/8 cents,
May 24 Corn closed at $4.88 1/2, down 3 3/4 cents, currently up 1 1/2 cents
Jul 24 Corn closed at $4.98, down 3 1/2 cents, currently up 1 cent
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