Corn price action is back to positive on Wednesday morning, with gains ranging from fractionally to 2 cents. Futures were under pressure for much of the Tuesday session, as contracts fell fractionally to 3 cents across most months. CmdtyView’s national average Cash Corn price was down 2 3/4 cents at $4.47.
EIA data will be updated on Wednesday morning, with most expecting to see ethanol production steady to slightly lower than the previous weeks. Poorer ethanol margins and a buildup in stocks are an issue.
President Trump has this week stated the March 4 start date for tariffs on Mexico and Canada is still on track. The market has seen prior threats as a negotiation tactic, still, there are a large number of longs that may have taken some risk off the table.
ANEC estimates the February corn export out of Brazil at 1.29 MMT, up slightly from the previous number. A South Korean importer purchased a total of 68,000 MT of corn from the US in a tender overnight.
Mar 25 Corn closed at $4.79 3/4, down 2 3/4 cents, currently up 1 3/4 cents
Nearby Cash was $4.47, down 2 3/4 cents,
May 25 Corn closed at $4.94 1/4, down 2 3/4 cents, currently up 2 cents
Dec 25 Corn closed at $4.70, down 3/4 cent, currently up 1/4 cent
New Crop Cash was $4.38 5/8, down 1 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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