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Austin Schroeder

UNBELIEVABLE: Corn holding lower on wednesday as oil collapses - The Untold Story

Oil CmdtyView United States Iran

Corn futures are bouncing off the early session lows with contracts down 3 to 5 cents at midday. The CmdtyView national average Cash Corn price is down 2 3/4 cents at $4.07 ¾. Crude oil is down $18.32 at midday following a 2-week ceasefire between Iran and the US that includes the reopening of the Strait of Hormuz. Traffic was limited overnight.

Ahead of the Thursday WASDE update, analysts surveyed by Bloomberg are looking for a slight increase (3mbu) from March to 2.13 bbu for the US carryout projection. World ending stocks are seen 0.4 MMT higher to 293.2 MMT.

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