Corn Rallies to Fresh 3-year Highs

Corn futures are trading with midday gains of 11 to 14 cents cents on Wednesday, hitting the highest price since August 2023. Spillover strength in wheat and supply concerns over the US crop have both been supportive. The CmdtyView national average Cash Corn price was up another 9 cents at $4.71 1/2.

EIA data from this morning showed a total of 1.112 million barrels per day in production, which was an increase of 23,000 bpd from the week prior. Stocks saw a modest build of 85,000 barrels to 25.2 million barrels. Refiner inputs were down a modest 3,000 barrels to 923,000 barrels, with exports up 33,000 barrels to 162,000 barrels.

Sep 26 Corn is at $5.14 1/2, up 14 cents,

Nearby Cash is at $4.86 1/2, up 14 cents,

Dec 26 Corn is at $5.36 3/4, up 13 1/4 cents,

Mar 27 Corn is at $5.51, up 12 1/2 cents,

New Crop Cash is at $4.88 1/4, up 13 1/4 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.