Corn is showing 1 to 2 ½ cent gains so far on Wednesday morning, following up the pop on Tuesday thanks to a USDA stocks revision. Futures closed with contracts fractionally to 7 ½ cents higher on the day. Preliminary open interest saw net new buying, up 26,476 contracts. The national average Cash Corn price from cmdtyView was up 7 cents at $4.21.
The monthly WASDE report from Tuesday morning showed a massive 200 mbu cut to the US corn ending stocks numbers to 1.738 billion bushels. That came via a 50 mbu increase to the ethanol side of the balance sheet, as well as a 150 mbu increase to exports. On the world front both Brazil and Argentina production numbers were left unchanged, with world stocks slashed by 7.7 MMT to 296.44 MMT. Chinese stocks were trimmed by 2 MMT on a cut to imports
Brazil’s ANEC estimates the country’s December corn exports are 3.96 MMT, an increase from the 3.59 MMT prior estimate.
Dec 24 Corn closed at $4.40 1/2, up 6 1/2 cents, currently up 1 cent
Nearby Cash was $4.21, up 7 cents,
Mar 25 Corn closed at $4.49, up 7 1/4 cents, currently up 1 1/2 cents
May 25 Corn closed at $4.55 1/4, up 7 1/2 cents, currently up 2 1/4 cents
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