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Corn rises 3 to 4 cents as wheat gains and weather risk lift prices
Corn futures tracking the double digit wheat rally rose despite Tuesday marginal losses, while open interest fell by 17,119 contracts and storms in the I-states raised derecho concerns.
Corn prices moved higher on Wednesday morning, up about 3 to 4 cents, as gains in wheat provided support, according to Yahoo Finance. The report said open interest fell by 17,119 contracts, mainly in the nearby September contract as rolls continue.
It added that futures ended Tuesday with marginal declines, with contracts down roughly 1 to 2 cents across the board. The CmdtyView national average cash corn price was down a penny at $4.07 3/4.
Weather also featured in the price action, with storms across parts of the I-states and Ohio bringing flash flooding and some heavy localized rains. The National Weather Service Storm Prediction Center indicated preliminary signals for a derecho from eastern Iowa to northern Indiana, though the extent of damage was not yet known.
The article cited U.S. crop progress and upcoming data, saying Monday’s Crop Progress report showed condition ratings steady at 61% good to excellent, while deterioration appeared in several states and some improvement was seen in others. It also noted a Reuters survey of analysts ahead of the day’s Crop Production report, with expected corn yield at 182.4 bushels per acre, production estimated at 15.934 billion bushels, and ending stocks forecast at 1.999 billion bushels for old crop and 1.725 billion bushels for new crop.
Latest closeWheat $653.00 ▲3.6%|Corn $481.00 ▲10.1%