Corn Futures Market News and Commentary
Corn rebounded on Turnaround Tuesday, the futures were back up by 2 1/4 to 3 3/4 cents for the nearby contracts. The CZ/CH spread has widened to 10.75, as compared to last Tuesday when the spread was at 8.75. This time last year the CZ/CH premium was 11 cents. The USDA announced a private export sale of 191,000 MT of corn to an unknown destination with a 19/20 MY delivery. Corn basis was -0.1478 this morning, bringing the monthly average basis to -0.1501 so far. Last year the basis was -.3529. The propane shortage for grain drying has led to 8 state governors declaring a state of emergency; IA, IL, IN, MN, NE, ND, SD, and WI. The USDA’s weekly crop progress report showed that corn harvest was 76% completed. The Buenos Aires Grain Exchange reported Argentinean corn planting is 44.3% complete, as of 11/13.
DEC 19 Corn closed at $3.70, up 2 1/4 cents,
MAR 19 Corn closed at $3.80 3/4, up 3 1/2 cents,
MAY 20 Corn closed at $3.86 3/4, up 3 3/4 cen... Read more