Corn Futures Market News and Commentary
Corn are 1 to 2 cents lower this morning. They were up by 2 1/4 to 3 3/4 cents for the nearby contracts on Turnaround Tuesday. The CZ/CH spread was 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. Corn basis was -0.1478 from Tuesday, bringing the monthly average basis to -0.1501 so far. Last year the basis was -.3529. USDA reported some export business under the daily system for the second day in a row on Tuesday. There was also a 60,000 MT sale reported to South Korea but trade sources suggest that it was not US origin corn. Propane prices are starting to back off a little in the upper Midwest, which should be welcome given the slow drying being seen in the crop. The CN rail strike contributes uncertainty about grain movement in parts of the upper Midwest.
--provided by Brugler Marketing & Management