The corn market is trading with Wednesday morning gains of 2 to 3 cents. Corn futures saw a Turnaround Tuesday pull back, as futures fell 1 to 2 cents in the nearbys on the session. Preliminary open interest was up 27,557 contracts. The national average Cash Corn price from cmdtyView was down 2 ¼ cents at $4.40.
Weekly EIA data will be out on Wednesday morning, with most expecting to see ethanol production steady to lower, with a recent buildup in stocks specifically in the Midwest region.
CONAB numbers were released on Tuesday morning, with the Brazilian corn crop trimmed just slightly by 0.08 MMT to 119.55 MMT. ANEC estimates that Brazil will export 2.98 MMT of corn in January, up 0.8 MMT from the previous forecast.
Taiwan purchased a total of 65,000 MT of corn in a tender overnight, with US the likely origin.
Mar 25 Corn closed at $4.74 1/2, down 2 cents, currently up 3 cents
Nearby Cash was $4.40, down 2 1/4 cents,
May 25 Corn closed at $4.84 3/4, down 2 cents, currently up 2 1/4 cents
Jul 25 Corn closed at $4.89, down 1 cent, currently up 2 cents
On the date of publication, Austin Schroeder 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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