Corn Showing Steady Action on Wednesday

Corn prices held steady on Wednesday morning, extending Tuesday’s rally in CBOT futures. Contracts closed up between 3 1/2 and 6 3/4 cents, while the July contract gained 1 3/4 cents. Open interest indicated additional short-covering, with positions down 3,120 contracts on Tuesday, and overnight there was only 1 delivery notice for July. The CmdtyView national average cash corn price rose a nickel to $4.13 3/4. In the weekly Crop Progress report, 16% of the U.S. crop was silking by July 5, ahead of the 5-year average by 2 points, and 3% was in the dough stage. Conditions were rated 67% good to excellent, with the Brugler500 index steady at 371. Exports in May totaled 7.252 MMT, up 0.18% year-on-year.