Corn futures posted losses of 8 to 10 cents in the front months on Wednesday, with May contracts seeing a decline of 13 1/4 cents to $4.52 1/4, according to market data released on May 7. The CmdtyView national average cash corn price dropped by 10 cents for the day, reaching $4.28 3/4.
The drop comes amid a significant decrease in crude oil prices, which fell $6.71 at midday following news that the United States and Iran are close to an agreement that could allow safer passage through the Strait of Hormuz and potentially end ongoing conflict.
Delivery activity was also notable, with ADM’s house account issuing all of the reported 304 deliveries against May futures overnight. Ethanol production data from this morning showed an increase of 8,000 barrels per day for the week ending May 1, bringing total output to just over one million barrels per day. Ethanol stocks increased by 139,000 barrels to reach a total of 26.02 million barrels.
Additional figures show July corn trading at $4.70—down by ten cents—and December corn at $4.91½—a drop of nine cents from previous levels. New crop cash was reported at $4.47¼ after falling by nine and a half cents.
Legacy Farmers Cooperative serves agricultural producers in ten counties across northwest Ohio and operates facilities such as grain centers, agronomy sites, fuel stations and retail locations throughout the region; it is structured as a member-owned cooperative with more than one hundred fifty employees across its divisions according to the official website. The cooperative also supports community initiatives including youth programs and scholarships while aiming to exceed customer expectations through value offerings and financial returns for members.
