Corn futures started Wednesday, April 16, higher with near-term contracts up by 3 to 3.5 cents in early trading. The previous session ended mixed, with front month contracts closing between 1.5 and 2.75 cents higher while other contracts saw slight declines. Open interest increased by over 19,500 contracts on Tuesday.
The movement in corn prices comes as the CmdtyView national average cash corn price rose by three cents to $4.05. The United States Department of Agriculture reported private export sales of a total of 316,000 metric tons of corn to Mexico across marketing years from 2025/26 through 2027/28, along with an additional sale of 120,000 metric tons to unknown destinations for the current year.
Traders are also awaiting the weekly petroleum status report from the Energy Information Administration later in the day for updates on ethanol production during the week ending April 10.
In international developments, Brazil’s national supply company CONAB raised its forecast for this year’s corn crop by about 1.3 million metric tons to nearly 139.6 million metric tons. Both first and second crop estimates were adjusted upward.
May corn closed at $4.43 per bushel on Tuesday and is currently up another three and a half cents in early trading Wednesday; July closed at $4.52½ and December at $4.70½ per bushel.
Legacy Farmers Cooperative serves agricultural producers in ten counties across northwest Ohio according to the official website. The cooperative is structured as a member-owned organization with operations based in Findlay, Ohio offering services such as grain marketing, agronomy support, petroleum distribution and retail locations throughout northwest Ohio according to the official website. It employs more than one hundred fifty people across various divisions according to the official website.
The cooperative supports community initiatives including youth agricultural education programs like FFA and scholarships according to its official website, aiming to exceed customer expectations while providing value and financial returns for members.
