Corn is trading on either side of unchanged so far on Tuesday, as contracts are fading off early morning gains. Short covering was noted on Monday’s strength, with preliminary open interest dropping 3,765 contracts.
Barchart updated their US corn production forecast on Tuesday, leaving yield at 183.74 bpa. The overall production total was raised by 738 mbu to 15.67 bbu in a 1.05 million acre increase to harvested acres at 85.29 million. That compares to the USDA’s current numbers at 174.9 bpa for yield and 87.1 million acres for harvested acreage.
Crop Progress data from USDA showed the US corn harvest at 93% complete as of November 19, 2% ahead of the average pace. ECB producers continue to struggle with a crop that refuses to dry down.
Dec 23 Corn is at $4.69 1/4, down 1/4 cent,
Nearby Cash is at $4.43 1/1, down 3/8 cent,
Mar 24 Corn is at $4.88 1/2, up 1 cent,
May 24 Corn is at $4.98 3/4, up 1 cent,
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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