Corn prices rebounded slightly on Wednesday morning, up 2 to 2 1/4 cents after falling on Tuesday due to USDA adding over 1 billion bushels to the balance sheet. Cash corn price averaged $3.54 1/4. USDA reported a private export sale of 315,488 MT of corn to Mexico.

USDA’s Crop Production report showed a national corn yield of 188.8 bpa, above trade ideas of 184.3. Production was 16.742 billion bushels with acreage at 97.3 million acres. Old crop corn stocks were at 1.305 bbu, while new crop was up 457 mbu to 2.117 bbu.

South Korean importers made several overnight tenders for 266,000 MT. ANEC estimates Brazil’s August corn exports at 7.97 MMT, a 0.39 MMT increase from previous numbers. Corn futures for Sep 25, Dec 25, and Mar 26 closed down, but up slightly in morning trading. New crop cash prices were down at $3.51 5/8.

Read more at Yahoo Finance: Corn Clawing a Couple Cents Back on Wednesday Morning