Corn prices action is 3 to 5 cents higher early on Wednesday morning as nearby futures near the highest price since August 2023. Spillover strength in wheat and supply concerns over the US crop have both been supportive. Futures rounded out the Tuesday session with contracts up 7 ¾ to 10 ¼ cents on the session. All contracts closed the session over the $5 mark. Open interest was down 3,765 contracts, mainly in the September (-46,342 contracts), with the rest of the board up 42,577 contracts. The CmdtyView national average Cash Corn price was up another 9 cents at $4.71 1/2.
Weekly Crop Progress data showed 86% of the US corn crop in the dough stage by August 23, with 45% dented and 6% listed as mature. Condition ratings were down 3% this week at 57% in good to excellent condition, as the Brugler500 index was down 5 points to 348. Ratings in ND (-22) took a dive, with KS (-5), NE (-6), OH (-10), SD (-2), and MN/IL (-1) all seeing a drop.
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Brazilian corn acreage is estimated at 23.3 million hectares (57.58 million acres) for 2026/27 according to Agroconsult, up 3.1% from last year if realized. Buenos Aires Grains Exchange estimates the Argentina corn acreage at 8.4 million hectares (20.76 million acres), steady with the previous year.
Sep 26 Corn closed at $5.00 1/2, up 9 cents, currently up 5 cents
Nearby Cash was $4.71 1/2, up 9 cents,
Dec 26 Corn closed at $5.23 1/2, up 8 cents, currently up 3 3/4 cents
Mar 27 Corn closed at $5.38 1/2, up 8 1/4 cents, currently up 3 3/4 cents
New Crop Cash was $4.75 7/8, up 8 3/4 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.