Corn is starting off Wednesday’s day session with 2 1/2 to 5 1/4 cent losses as the board sits near its overnight lows after the overnight. Tuesday’s session ended with a 4 cent loss in the May corn contract, settling 5 1/4 cents above the day’s low. The other front months were near their lows for the day on 1.2% to 1.5% losses.
Safras and Mercado estimates the Brazilian 2nd corn crop at 92.2 MMT, an increase from their 87.7 MMT prior estimate. That sets the total corn output at 130.3 from 125.3 MMT. Brokerage StoneX has their much larger estimate at 100.54 MMT for the 2nd crop and 131.3 MMT for the total output.
Brazilian export data showed 1.335 MMT of corn was shipped in March. That was up from just 14k MT last year.
May 23 Corn closed at $6.53 3/4, down 4 cents, currently down 5 cents
Nearby Cash was $6.58 5/8, down 5 1/8 cents,
Jul 23 Corn closed at $6.28, down 9 cents, currently down 5 1/4 cents
Dec 23 Corn closed at $5.60, down 7 1/2 cents, currently down 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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