Corn Closed Double Digits Higher

Corn prices rallied on Wednesday ending the session back above the $6 mark. For old crop, the session ended 10 3/4 to 11 cents in the black but went home 4 cents off the highs. New crop prices closed 7 to 7 1/2 cents higher, but near their session highs. 

BAGE adjusted their corn crop estimate for Argentina to 57 MMT. That compares to USDA’s forecast of 54 MMT. The Rosario Grains Exchange is looking to see 48 MMT. 

Brazil’s AgRural reported second crop corn planting at below 1% as bean harvest is just getting underway. First crop corn harvest was at 6% in the Center-South region, up from 3% last season. Safras and Mercado forecasted Brazilian corn output at 115.6 MMT. That was down from 116.08 MMT forecasted in December, but still 600k MT above the USDA official forecast for Brazil. 

Mar 22 Corn  closed at $6.10 1/2, up 11 cents,

Nearby Cash  was $5.97, up 11 1/8 cents,

May 22 Corn  closed at $6.11, up 11 cents,

Dec 22 Corn  closed at $5.64 3/4, up 7 cents,

New Crop Cash  was $5.49 1/2, up 7 5/8 cents,