Corn prices are down 4 to 5 1/2 cents so far on Wednesday. Futures posted losses of 4 ¼ to 6 ¼ cents across most contracts on Tuesday, closing within a couple pennies of the low. Open interest was up just 52 contracts on Tuesday, suggesting a rotation of ownership. The CmdtyView national average Cash Corn price was down 6 1/4 cents at $4.91 1/2. While some have been looking for China to buy US corn ahead of this week’s meeting, it would be in part as good will positioning, as the spread between the two counties (CBoT vs. Dalian Corn futures) has been narrowed by nearly $2 since June to less than $3/bu.
Harvest may be slow in the west this week with MN, IA, the Dakotas, NE, KS and parts of MO expected to see anywhere from 1 to 4 inches. the heaviest totals near northeast NE, northwest IA and Southeast SD.
