Corn prices were mostly higher through the overnight, but began selling into new lows as the clock struck 5am. Current quotes are 1 ¼ to 2 ¼ cents in the red ahead of the EIA ethanol report, which will show two weeks of data after skipping last week (scheduled maintenance break). Corn prices initially dipped on Tuesday, but bulls recovered their footing. Prices were down by 4 ¼ cents early in the session before the bulls fought back for fractional to 1 ¾ cent gains for the day. Preliminary open interest showed some short covering, dropping 2,219 contracts for the day.
USDA reported another 101,745 MT corn sale to Mexico on Tuesday. Reports on the wire have Iran tendering for 180k MT of feed corn.
AgRural reported the 1st crop Brazilian corn planting reached 76% complete in the C-S region, that is 10ppts more through the week and is faster than the 70% last year. The French Ag Ministry raised their corn production figure 400k MT to 12.5 MMT citing better than expected yields. That is still 6% below the 5-yr average for France.
Dec 23 Corn closed at $4.78 1/4, up 1 cent, currently down 2 cents
Nearby Cash was $4.52 3/8, up 1 1/8 cents,
Mar 24 Corn closed at $4.94 1/4, up 1 1/2 cents, currently down 2 cents
May 24 Corn closed at $5.03 3/4, up 1 3/4 cents, currently down 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. For more information please view the Barchart Disclosure Policy here.
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