Tuesday trading saw corn work both sides of UNCH in a 5 cent range. At the close, the futures were 2 1/2 to 5 cents lower. So far for the week, the May contract has stayed within last week’s range.
Going into the monthly WASDE update, traders expect USDA to raise the U.S. corn carryout by 36 mbu on average to 13.03 billion. The full range of estimates is from 1.267 bbu to 1.335 bbu. A cut in projected exports is the underlying theme. Globally, the average trade guess is for a 2.1 MMT stocks cut as Argentina’s crop is expected to shrink by more than U.S. corn use.
Brazil’s Safras and Mercado reported 1st crop harvest at 35.4% finished, slightly above the 5-yr average pace. 2nd crop planting was shown as 57% finished for the Center-South region as of 3/5, that trails the 5-yr average by 8.2% points. AgRural reported the Center-South corn planting for Brazil reached 70% complete. That compared to 55% last week and 80% last year.
Mar 23 Corn closed at $6.42, down 2 1/2 cents,
Nearby Cash was $6.34 1/2, down 2 5/8 cents,
May 23 Corn closed at $6.34 1/4, down 2 3/4 cents,
Jul 23 Corn closed at $6.22 1/2, down 3 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. For more information please view the Barchart Disclosure Policy here.
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