Corn futures posted gains of 3 to 4 cents on Wednesday morning, supported by a rally in the wheat complex, as traders weighed mixed U.S. crop conditions and updated Brazilian production estimates.
Corn Prices Recover After Tuesday's Decline
Corn contracts opened Wednesday with gains of 3 to 4 cents, reversing some of Tuesday's losses where July corn expired 4 cents lower at $4.33 3/4 per bushel. The CmdtyView national average cash corn price slipped 2 1/4 cents to $4.08 3/4 on Tuesday. Open interest fell by 2,074 contracts, primarily in the front months, as the July contract settled.
U.S. Crop Progress and Condition Ratings
The weekly Crop Progress report released Monday showed 16% of the U.S. corn crop had reached the silking stage by July 12, four percentage points ahead of the five-year average. Six percent of the crop was in the dough stage. Overall condition ratings held steady at 68% good to excellent, with the Brugler500 index rising 2 points to 371. State-level changes were mixed: Indiana and Iowa each dropped one point, while South Dakota fell nine points. Improvements were seen in Ohio (up 17 points), Missouri (up 7), Nebraska (up 5), North Dakota (up 6), and Illinois (up 1).
Brazilian Crop Estimates and Export Outlook
Brazil's 2025/26 corn crop was estimated at 141.73 million metric tons by CONAB on Wednesday, a 1.27 million metric ton increase from the previous month. The second corn crop estimate was raised by 1.56 million metric tons to 109.43 million metric tons. Meanwhile, ANEC projected Brazilian corn exports for July at 3.44 million metric tons, up 0.95 million metric tons from its prior estimate and significantly above last July's 2.43 million metric tons.
Market Outlook
September corn was trading 3 1/2 cents higher at $4.38 1/2 on Wednesday morning, while December corn also gained 3 1/2 cents to $4.60 1/2. The new crop cash price stood at $4.11 3/4. Traders are monitoring weather conditions in the U.S. and Black Sea region, as well as demand from China, which could influence price direction in the coming weeks.