So far for the midweek trade, corn prices are up by 1 3/4 to 2 3/4 cents. Overnight action was limited to -2 3/4 to +4 cents (March). Old crop corn ended the day fractionally to 2 1/4 cents higher after a back and forth session. The new crop prices weakened on Tuesday by 1/4 of a cent to 1 1/4 cents.
Brazil’s AgRural reported 1st crop corn harvest was 2.3% finished through 1/05, compared to 3.1% at the same point last year.
Going into the monthly WASDE report, the average of surveyed analysts is to see a 400k MT increase to the Brazilian corn production to 126.4 MMT. The full range of collected estimates is from 125 MMT to 128.7 MMT. Pre-report estimates show the trade is looking for USDA to trim 3.4 MMT off the Argentine corn crop on Thursday. That would leave them at 51.6 MMT if realized.
Mar 23 Corn closed at $6.55, up 2 1/4 cents, currently up 2 3/4 cents
Nearby Cash was $6.60 7/8 on Tuesday, up 2 1/2 cents,
May 23 Corn closed at $6.54 1/2, up 1 1/2 cents, currently up 2 3/4 cents
Jul 23 Corn closed at $6.48, up 3/4 cent, currently up 2 1/2 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.
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