Corn futures managed to squeeze gains out of the Tuesday session, as contracts closed with gains of ½ to 3 cents across the board. Some spillover support from higher beans and wheat helped corn to push higher.
EIA will be out with their weekly petroleum report on Wednesday morning showing weekly ethanol production and stocks. Production is expected to improve vs. last weeks total of 1.047 million barrels per day as margins have remained decent.
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.
Dec 23 Corn closed at $4.70, up 1/2 cent,
Nearby Cash was $4.45 1/2, up 1 1/8 cents,
Mar 24 Corn closed at $4.89, up 1 1/2 cents,
May 24 Corn closed at $5.00, 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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