Corn Slipping Back Early on Wednesday

Corn prices are down fractionally to a penny so far on Wednesday AM trade. Futures held on Tuesday, with contracts up 4 to 5 cents at the close. A limit rally in the wheat market was supportive. Open interest was down 10,034 contracts. There were 36 deliveries against May futures overnight. The CmdtyView national average Cash Corn price was up 5 cents to $4.39. 

The May WASDE report from Tuesday morning saw a 15 mbu increase to the US ending stocks projection to 2.142 bbu, via a 15 mbu cut to ethanol. The first 2026/27 US balance sheet from the World Ag Outlook Board showed an ending stocks at 1.957 bbu slightly above the average trade estimate. The 2026 US production number was tallied at 15.995 bbu, with yield seen at 183 bpa. 

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Brazil production was raised 3 MMT by USDA to 135 MMT, with Argentina up 7 MMT to 59 MMT. World Ending stocks were up 2.14 MMT to 296.95 MMT for old crop. New crop carryout was pegged at 277.54 MMT.

Jul 26 Corn  closed at $4.80, up 4 3/4 cents, currently down ½ cent

Nearby Cash  was $4.39 1/1, up 5 cents,

Sep 26 Corn  closed at $4.86 1/4, up 4 1/2 cents, currently down 1 cent

Dec 26 Corn  closed at $5.02, up 4 1/4 cents, currently down ½ cent

New Crop Cash  was $4.55 1/8, up 4 1/2 cents,

On the date of publication,

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