Corn price action is 4 to 6 cents higher so far on Wednesday morning. Futures held onto gains heading into the Tuesday close, as contracts were up 1 to 2 cents in the nearbys. Preliminary open interest suggested some light short covering, down 21,565 contracts. The front month CmdtyView national average Cash Corn price was up 1 1/4 cents at $3.88 3/4. 

Crop Progress data showed crop ratings by state, IN was down 2, with SD and OH slipping 1, and MI falling 9. Improvement was noted in MO (+14), ND (+6), NE and IL (+3), with IA ratings steady.

Rains are expected to be rather widespread this next week according to NOAA’s 7-day QPF, with much of the Corn Belt seeing 1 to 3 inches. 

Brazil corn exports are expected to total 4.3 MMT in July according to ANEC, a 0.26 MMT increase from their prior number and above the 3.55 MMT from last year.

EIA data will be released this morning with some looking for a steady ethanol production number during the week that ended on July 11.

Sep 25 Corn  closed at $4.01 1/4, up 1 1/4 cents, currently up 4 1/4 cents

Nearby Cash  was $3.88 3/4, up 1 1/4 cents,

Dec 25 Corn  closed at $4.19 3/4, up 1 3/4 cents, currently up 5 cents

Mar 26 Corn  closed at $4.36 3/4, up 2 cents, currently up 5 1/2 cents

New Crop Cash  was $3.77 1/4, up 1 1/2 cents,