Corn May '20 (ZCK20)
Corn Futures Market News and Commentary
Corn futures rallied back from the post report meltdown and flirted with break-even for the day, but ultimately ended the Tuesday session with 1/2 to 2 1/4 cent losses. USDA says corn producers intended to plant 96.99 MA for the 2020/21 crop year as of the first two weeks in March. Last year corn plantings were 89.7 MA, and ahead of the report traders were anticipating 94.328 MA. SD corn acreage showed the largest increase yr/yr nominally and as a percent of last year plantings, with a 1.65 million acreage increase. Ohio intentions are also up 32.1% from their Prevented Planting suppressed 2019. The market does not need 97 million acres at known demand levels and if trendline yield is achieved. March 1 corn stocks were bull friendly at 7.953 bbu, which is 7.7% lower yr/yr, and below the average pre-report estimate of 8.1 billion bushels.
May 20 Corn closed at $3.40 3/4, down 1/2 cent,
Jul 20 Corn closed at $3.46, down 1 1/2 cents,
Sep 20 Cor... Read more
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