Corn Fading Back Early on Wednesday

Corn price action is down fractionally to 2 cents so far on Wednesday morning. Futures posted gains of 4 to 5 cents across most contracts on Tuesday, following a bullish USDA report. Open interest was up 6,413 contracts on Tuesday, suggesting net new buying. The CmdtyView national average Cash Corn price was up 4 1/2 cents at $4.03 1/2. The monthly WASDE was out this morning, showing a 125 mbu cut to US ending stocks, now at 2.029 billion bushels. That was well below estimates and came all from an increas ...