Corn price action is down 4 to 4 ½ cents so far on Wednesday morning as the pullback continues. Futures closed out the Tuesday session falling lower, down 2 to 7 cents across most contracts at the close. Crude oil, down $5.20, added pressure. Open interest suggested longs were exiting, down 5,610 contracts. The CmdtyView national average Cash Corn price was down 7 1/4 cents at $4.13 1/2.
The weekly Crop Progress report showed condition ratings slipping another 2% at 61% in good to excellent condition, as the Brugler500 index were down 5 points to 356.Deteriotraion was noted in ND (-26), KS (-20), NE (-15), MN (-6), WI (-5), SD (-4) and MO (-1). Some improvement was seen in the I states, with IA (+2), IL (+4), and IN (+1), as well as OH (+4).
