Corn prices are up 4 to 5 cents in early Thursday trading, reversing the 3 to 5 cent losses posted across most contracts on Wednesday.
Open interest fell by 7,221 contracts, with the bulk of the decline concentrated in July futures, which shed 14,986 contracts, while most other contracts saw open interest rise.
Crude oil, which posted losses of $4.48 on Wednesday and added pressure to corn prices, is bouncing $2.74 higher Thursday morning.
The CmdtyView national average cash corn price fell 4 and three-quarter cents to $4.13 and one-quarter on Wednesday.
NASS Crop Progress data showed the U.S. corn crop at 86% planted as of Sunday, running 3 percentage points ahead of the five-year average pace of 83%.
The crop was also 60% emerged, which is 2 percentage points faster than the normal rate of development.
States lagging their average planting pace include Kansas, Missouri, North Carolina, Ohio, and Pennsylvania, while Colorado, Nebraska, and Wisconsin are also behind normal for emergence.
EIA data, delayed to Thursday morning due to the Monday holiday, has some market participants expecting ethanol production to come in steady with the prior week.
A South Korean importer purchased a total of 133,000 metric tons of corn in an overnight tender.
July 2026 corn closed Wednesday at $4.52 and one-half, down 5 cents, and was trading up 4 and one-half cents Thursday morning, while December 2026 corn closed at $4.77 and one-half, down 4 and one-half cents, and was up 4 and one-half cents in early trade.
