Corn price action is down 1 to 2 cents so far on Wednesday morning. Futures fell back on Tuesday with contracts down 1 to 3 ¼ cents across most nearbys. Preliminary open interest was down 22,441 contracts on Tuesday, mainly due to September liquidation (-47,405 contracts) ahead of First Notice Day on Friday. The CmdtyView national average Cash Corn price was down 2 cents at $3.69 3/4.

EIA will release their weekly production report for ethanol later this morning with some looking for a bounce back in output after last week’s drop.

USDA’s Crop Progress report showed condition ratings steady at 71% good/excellent, as the Brugler500 index was down 1 point to 381 on a 1% move from excellent to good. Ratings in IL were down 7 points, with IA slipping 4, as well as ND. Improvement was noted in MI (+12), with MO, MN, and NE up 2 point, and OH 14 points higher.

Taiwan purchased a total of 65,000 MT of corn from the US in their tender overnight. Brazil’s August exports are estimated to total 7.8 MMT according to ANEC, which was a drop of 0.25 MMT from their previous estimate. 

Sep 25 Corn  closed at $3.87 1/2, down 1 3/4 cents, currently down 2 cents

Nearby Cash  was $3.69 3/4, down 2 cents,

Dec 25 Corn  closed at $4.09 1/2, down 2 3/4 cents, currently down 1 3/4 cents

Mar 26 Corn  closed at $4.26 1/2, down 3 1/4 cents, currently down 1 1/2 cents

New Crop Cash  was $3.67, down 1 3/4 cents,