Corn Fading Back Lower on Wednesday

Group 1 - Corn prices have decreased by 2 to 2.5 cents on Wednesday morning, following a previous day where futures gained 2 to 3 cents in most contracts [1] - The CmdtyView national average Cash Corn price increased by 3 cents to $4.24, while nearby cash prices rose to $4.20, also up by 3 cents [1][3] - Ukraine's corn production is estimated at 31-32 million metric tons (MMT), slightly higher than last year's estimate of 31 MMT [3] Group 2 - The EIA data is expected to show steady to slightly higher ethanol production for the week ending March 20 [2] - Open interest in corn futures decreased by 5,449 contracts on Tuesday, primarily in the May contract, which saw a drop of 9,034 contracts [1] - New crop December contracts saw an increase of 3,509 contracts in open interest [1]