Corn Holding Steady on Thursday AM Trade

Corn prices are unchanged across the front months on Thursday morning. Futures held onto Wednesday’s weakness into the close though the $4.80 area held on December, with contracts just fractionally to 2 ¼ cents lower. Open interest on Wednesday was down 1,791 contracts. The CmdtyView national average Cash Corn price was down 1 ¼ cents at $4.41. 

The delayed Tuesday Crop Progress report showed 33% of the US corn crop harvested as of Sunday, 6 percentage points behind the average pace. Harvest pace was notably lagging in IA (-20% behind), MI (-18%), MN (-8%), NE (-8%), OH (-11%), and SD (-16%). 

Rains fell in parts of the NE, KS, SD, as, wells a parts of the ECB overnight, putting a pause on some harvest. More rain is expected in those areas today. The 7-day forecast past Friday does look a little drier.

EIA data will be delayed until this morning, due to the Monday holiday, with most looking for output to see an increase in the week ending on October 9.

CONAB data from this morning showed the 206/27 corn crop at 148 MMT, up 2.4% from a year ago if realized.

Dec 26 Corn  closed at $4.80 3/4, down 2 cents, currently unch

Nearby Cash  was $4.41, down 1 1/4 cents,

Mar 27 Corn  closed at $4.94 1/4, down 2 1/4 cents, currently unch

May 27 Corn  closed at $5.01 3/4, down 2 1/4 cents, currently unch

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.