Corn Closes Tuesday with Losses
Corn bulls were stuck in the mud on Tuesday, as contracts saw losses of just ½ to 2 ½ cents across the board. May was 2 ½ cents off the session low at the close, with December closing 2 cents in the red, 1 ¾ cents off their low.
The weekly EIA data will be published on Wednesday, with most expecting to see slightly lower ethanol production in the week of 4/12.
Monday afternoon’s Crop Progress report showed state by state progress moving along as Missouri was already 26% complete as of 4/14, compared to the 10% average, with IA 4% planted. States in the Eastern Corn Belt are off to a slightly slower start, with IL (3%), IN (1%) and OH (0%) each 1% back of the 5-year average.
Ukraine’s ag ministry expects this year’s corn acreage to drop 4.5% from last year at 3.863 million hectares (9.55 million acres). Production is forecasted at 27 MMT, even with last year.
May 24 Corn closed at $4.31, down 1/2 cent,
Nearby Cash was $4.14 5/8, up 0 cent,
Jul 24 Corn closed at $4.42 3/4, down 1 1/2 cents,
Dec 24 Corn closed at $4.67 1/4, down 2 cents,
New Crop Cash was $4.30 7/8, down 2 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.
