After a 6c range overnight, corn is set to start the day session 2 ¼ to 2 ¾ cents in the red. Front month corn futures were unchanged at the closing bell on Tuesday after a 7c range spent on both sides of UNCH. Preliminary open interest rose 2,498 contracts but with little price direction. Some traders are already rolling out of May contracts into July, ahead of the major index fund rolls beginning at month end (which is also the Easter holiday weekend).
NASA’s GRACE shows soil moisture is insufficient at the root zone and much dryer than last year from Southern Minnesota through Missouri and from parts of NE/KS through OH. South Dakota, W. NE, most of KS, OK, and TX are all improved vs this time last year.
CONAB trimmed their production estimate for Brazilian corn output by 944k MT to 112.75 MMT. Of that, first crop was cut by 194k to 23.4 MMT and second crop was 750k MT lighter at 87.5 MMT. Planting progress for that winter corn has been running ahead of year ago, but isn’t quite wrapped up. USDA’s most recent estimate is 124 MMT.
May 24 Corn closed at $4.41 3/4, unch, currently down 2 1/4 cents
Nearby Cash was $4.15 1/8, up 1/2 cent,
Jul 24 Corn closed at $4.53 3/4, unch, currently down 2 1/2 cents
Dec 24 Corn closed at $4.72 3/4, unch, currently down 2 1/2 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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