The morning corn quotes are another 1 1/2 to 6 cents higher so far and near their overnight highs. The old crop corn contracts ended the Tuesday session fractionally to a penny lower, while new crop prices were up by 2 to 2 1/2 cents on the day. December contracts printed a 7 1/2 cent range and closed a penny under the session high. With the Goldman Roll and other index moves starting next week, traders were liquidating May longs on Tuesday, with OI in that month down 11,238. Preliminary OI across all corn months were down 8,208 contracts.
National average corn basis has firmed roughly 6 cents per bushel since March 1 as buyers start to round up the cash corn to meet the 110 million bushels in known old crop export business announced under the daily system since the China buying spree began.
While 25% of the state is reporting surplus moisture, NASS reported that 7% of the Mississippi corn crop was planted as of March 26, slightly ahead of the 5% average pace for that date.
Brazilian winter crop corn planting is estimated to be 96-97% completed. Remaining plantings will be outside the ideal growing season window and rely on some scarce dry season rains to reach full yield potential.
May 23 Corn closed at $6.47 1/4, down 1 cents, currently up 6 cents
Nearby Cash was $6.53 1/4, up 1/8 cent,
Jul 23 Corn closed at $6.29 1/2, down 1/4 cent, currently up 4 3/4 cents
Dec 23 Corn closed at $5.72 1/4, up 2 1/2 cents, currently up 2 1/4 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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