Corn prices moved higher on Wednesday morning, with gains of 3 to 4 cents attributed largely to strength in wheat markets providing underlying support for the grain complex. Open interest fell by 17,119 contracts, predominantly reflecting the ongoing transition out of the nearby September futures contract as traders repositioned for future months.
The previous session had seen marginal weakness across corn futures, with losses ranging from 1 to 2 cents. The CmdtyView national average cash corn price declined by one penny to $4.07 3/4. Weather developments over the preceding day included severe thunderstorms affecting parts of the Midwest and Ohio, which produced flash flooding and localized heavy precipitation. The National Weather Service Storm Prediction Center issued preliminary warnings of a potential derecho spanning from eastern Iowa to northern Indiana, though the full extent of crop damage remained unclear at the time of reporting.
Crop condition assessments indicated stability, with Monday’s Crop Progress report showing ratings steady at 61% in good to excellent condition, while the Brugler500 index remained unchanged at 356. Condition deterioration was recorded in North Dakota, Michigan, Minnesota, Wisconsin, Iowa, and South Dakota, while Indiana, Kansas, Nebraska, and Tennessee showed modest improvements. Ahead of the NASS Crop Production report, a Reuters analyst survey projected corn yield at 182.4 bushels per acre with an estimated range of 180.5 to 184.8 bpa, and total production expected at 15.934 billion bushels.
Brazilian corn export estimates for August were revised upward to 5.17 million metric tons from the prior week’s estimate of 4.08 million metric tons. Regarding specific contract performance, September 2026 corn futures closed at $4.36 3/4, December 2026 at $4.60 1/2, and March 2027 at $4.76, with all showing gains during the current session after modest declines in the previous trading day.
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