Corn Reverting to Gains on Wednesday Morning
Corn is trading higher this morning, as contracts are up 2 to 3 3/4 cents. Futures ended the Tuesday session with contracts fractionally to 5 cents lower out to July ’25. Deferred contracts were steady to ¾ cent higher.
USDA reported a large private export sale of 405,000 MT of corn to Mexico via the daily system on Tuesday, with 135,000 MT for old crop and 270,000 MT for new crop.
Monday afternoon’s Crop Progress report indicated planting pace in IA, KS, MO, ND, and OH was faster than normal. NE was 11% behind the average, with IL 14% back of normal and IN lagging by 3%.
CONAB released updated production numbers on Tuesday, increasing the total corn crop production by 0.672 MMT to 111.64 MMT, mainly on increased second crop acreage. That compares to the 122 MMT from USDA last Friday.
Nearby Cash was $4.44, down 5 cents,
Jul 24 Corn closed at $4.67 1/2, down 5 cents, currently up 3 1/2 cents
Dec 24 Corn closed at $4.91, down 2 cents, currently up 3 1/2 cents
New Crop Cash was $4.54 1/2, down 2 3/4 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
