Corn is trading with Wednesday AM gains of 3 to 5 cents. Futures were in a recovery mode of sorts on the Tuesday session, as contracts closed with gains of 2 to 5 cents across most months. Tuesday lows reached the lowest price for the July contract since last fall. Preliminary open interest dropped 21,396 contracts on Tuesday, with 43,006 exiting July during the Goldman roll and September up 10,871. The front month CmdtyView national average Cash Corn price was up 5 3/4 cents at $4.15.

Ahead of Thursday's USDA report, analysts are expecting to see old crop US ending stocks cut by 23 million bushels to 1.392 billion bushel. We will also get an updated new crop estimate, with the average trade guests according to a Bloomberg survey at 1.789 bbu, which is down 11 mbu from last month. 

Crop Progress data showed planting pace in the east still lagging, with IN (-3%, KY (-7%), OH (-5%), and PA (-6%) all behind normal. Condition ratings across the country were 71% good/excellent, up 3 percentage points. That translates to a 378 on the Brugler500 index, up 3 points on the week. By state, ratings in NE were down 2 points, with KS slipping 4 and IN down 3. Notable improvement was in IL(+7), IA (+2), MN (+5), OH (+11), ND (+12), and SD (+7). 

Brazil’s ANEC estimates the country’s corn exports to total 923,401 MT in June, which is up nearly 88,000 MT from their previous number. A Taiwan importer purchased 65,000 MT of corn overnight, expected to originate from Brazil.

Jul 25 Corn  closed at $4.38 3/4, up 5 1/4 cents, currently up 5 cents

Nearby Cash  was $4.15, up 5 3/4 cents,

Sep 25 Corn  closed at $4.25 1/2, up 3 1/4 cents, currently up 3 1/2 cents

Dec 25 Corn  closed at $4.40, up 2 cents, currently up 3 1/4 cents

New Crop Cash  was $3.97 3/8, up 3 cents,