Corn Futures Market News and Commentary
Overnight adjustments in corn futures have prices 2 to 6 cents lower to start the midweek session. Corn closed 5 3/4 to 6 3/4 cents higher on Turnaround Tuesday. March futures were up 13 1/4 cents to $5.60 3/4. There were no delivery notices against March corn futures overnight, and there are no warehouse receipts currently registered for delivery.New crop trading led to 7 cent gains for December, settling at $4.75 3/4 cents. Front month corn basis from cmdtyView was quoted at 16 3/4 cents under May at the close. New crop basis is 28 cents under Dec.
EIA data will be released later today, with expectations of a production rebound closer to January and early February levels. Ethanol producers averaged just 659k bpd on the week ending 2/19 as energy shortages and power outages caused by the polar vortex crippled production.
--- provided by Brugler Marketing & Management
Corn Prices by Barchart