Corn price action is down 4 to 5 cents so far on Wednesday morning. Futures closed the Tuesday session with contracts steady to 2 ¼ cents higher following some friendlier old crop numbers from USDA. Open interest was down 3,005 contracts in May, but up 9,593 contracts across the rest, mostly in July and December. The new crop data was a little less bull friendly. The CmdtyView national average Cash Corn price was steady to $4.14.
USDA’s annual March Prospective Plantings report from this morning showed a total of 95.338 million acres of corn expected to be planted this spring. That would be a 3.45 million acre drop from a year ago if realized, but was above the 94.37 million acres average trade guess. The survey of producers was done in the first two weeks of March.
Grain Stocks data was tallied at 9.024 billion bushels for March 1. That was 89 mbu below the average trade guess but still an increase of 887 mbu from a year ago. December 1 stocks were revised 23 mbu higher to 13.306 bbu.
May 26 Corn closed at $4.57 3/4, up 2 cents, currently down 5 cents
Nearby Cash was $4.14 0/1, down 0 cent,
Jul 26 Corn closed at $4.68 1/4, up 3/4 cent, currently down 4 3/4 cents
Dec 26 Corn closed at $4.84 1/4, up 1/4 cent, currently down 4 3/4 cents
New Crop Cash was $4.41 1/1, down 3/4 cent,
