The corn market is trading with contracts 2 to 4 cents higher early on Wednesday. Futures were helped by a stronger wheat complex on Tuesday, as contracts closed with 6 to 7 cent nearby gains. Tuesday’s preliminary open interest was up 5,703 contracts. The front month CmdtyView national average Cash Corn price was up 7 1/4 cents at $4.27.

EIA will release their weekly ethanol production update this morning, with the trade looking for a rebound from last week’s drop. 

The next 7 days show light rain coverage in parts of the WCB, lighter in NE and IA, with heavier totals in the East. That may delay some planting where it is already behind, with OH at just 34% completed. 

The Argentine export tax on corn reduction to 9.5% is set to expire at the end of June and will not be extended. The rate will revert back to 12% on July 1, the Economic Ministry announced on Tuesday.

Jul 25 Corn  closed at $4.54 1/2, up 7 cents, currently up 2 ½ cents

Nearby Cash  was $4.27, up 7 1/4 cents,

Sep 25 Corn  closed at $4.35 1/4, up 7 cents, currently up 3 ½ cents

Dec 25 Corn  closed at $4.48 1/2, up 6 3/4 cents, currently up 3 cents

New Crop Cash  was $4.06 1/2, up 7 cents,