Corn prices are slightly down on Wednesday morning, with futures steady to slightly higher on Tuesday. Open interest increased by 3,523 contracts. The national average cash corn price remains steady at $3.95 1/4. December futures closed at $4.58 in February, as crop insurance pricing begins.

US ending stocks were reduced by 100 mbu in the monthly WASDE update, with carryout projected at 2.117 bbu. The export projection saw a 100 mbu increase, the only major adjustment.

World numbers show no change in Brazil and Argentina corn production. World ending stocks are projected at 288.98 MMT, down 1.93 MMT from January.

Brazilian corn exports for February are estimated at 953,217 MT, up 159,953 MT from the previous estimate. Corn futures closed at $4.28 3/4 for Mar 26, $3.95 1/4 for nearby cash, $4.37 1/4 for May 26, and $4.44 3/4 for Jul 26.

On the date of publication, Austin Schroeder did not hold any positions in the mentioned securities. This information is for informational purposes only. Source: Barchart.com.

Read more at Yahoo Finance: Corn Slipping Back on Wednesday Morning Trade