Corn is trading with early Wednesday gains of 5 to 6 cents. Futures closed out the Tuesday session with some gains. July was up just ¼ cent as the bear spreading continued, with December now par with July and up 2 ¾ cents on the day. Preliminary open interest was up 16,635 contracts on Tuesday, with July down 2,763 contracts. The front month CmdtyView national average Cash Corn price was up ½ cent at $4.14 3/4. 

EIA data will be released this morning, with traders looking to ethanol production to hold up after the recent rebound in output. 

Weekly Crop Progress data showed US condition ratings with a 1% shift to good/excellent at 69%, with the Brugler500 index up 1 point to 375. The biggest changes were in CO (+26 points), ND (+16), TX (+19), and MN (+9), with KY down 14 points, TN dropping 10, and IL slipping 7.

Ukraine’s Ag minister estimates the country’s corn crop near 26 MMT, which is below the 30.5 MMT from the USDA’s initial target. The country also tallies May corn exports at 2 MMT. EU corn exports since July 1 have totaled 18.2 MMT, which is ahead of the 17 MMT total in the same point last year.  

Jul 25 Corn  closed at $4.38 1/2, up 1/4 cent, currently up 6 1/4 cents

Nearby Cash  was $4.14 3/4, up 1/2 cent,

Sep 25 Corn  closed at $4.23 1/2, up 2 3/4 cents, currently up 5 1/2 cents

Dec 25 Corn  closed at $4.38 1/2, up 2 3/4 cents, currently up 5 cents

New Crop Cash  was $3.96 1/2, up 2 3/4 cents,