Corn prices are up 3 to 4 cents so far on Wednesday morning with spillover support from double digit gains in the wheat complex. Futures closed out the Tuesday session with contracts ¾ to 2 ¾ cents lower, as July expired 4 cents lower at $4.33 3/4. Open interest was down 2,074 contracts on Tuesday, mainly in the front months. The CmdtyView national average Cash Corn price was 2 1/4 cents lower at $4.08 3/4.
The weekly Crop Progress report showed 16% of the US corn crop silking by July 12, 4 percentage points ahead of the 5-year average, with 6% in the dough stage. US condition ratings were left at 68% in good to excellent condition, as the Brugler500 index was up 2 to at 371. By state, IN and IA were down 1 point, with SD dropping 9 points. Improvement was noted in OH (+17), with MO up 7, NE ratings 5 points higher ND up 6 and IL improving 1 point.
