Corn is starting out Wednesday with prices 4 cents lower and near the overnight lows. Corn prices faded through Tuesday and ended the day at or near their lows with losses of over a nickel. New crop futures were down by 6 ¾ cents on Tuesday. Open interest continues to rise ahead of Thursday’s reports, up 2,573 contracts on Tuesday’s lower market.
Safras and Mercado reported Brazil’s corn planting as 97.3% for 2nd crop as of 3/22. That compares to 94.7% at the same time last year.
Corn planting in TX reached 46% finished as of 3/24 which was up 12% points for the week and is now 3% points ahead of average. TX milo was 37% planted as of 3/24, which is 1% point ahead of average.
US corn export inspections YTD have reached 24.4 MMT compared to 18.3 MMT for last year.
May 24 Corn closed at $4.32 1/2, down 5 1/4 cents, currently down 4 cents
Nearby Cash was $4.10 1/1, down 4 5/8 cents,
Jul 24 Corn closed at $4.45, down 6 1/4 cents, currently down 4 cents
Dec 24 Corn closed at $4.68, down 6 3/4 cents, currently down 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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