Double Digit Fade for Tuesday

Corn prices faded for turnaround Tuesday, ending the session with 16 3/4 to 17 3/4 cent losses. New crop also faded on Tuesday, giving back 8 3/4 to 10 3/4 cents. Much of the reason for the pullback was due to reports of Russian troops allegedly withdrawing from positions along the Ukraine border, encouraging profit taking after yesterday’s rally. 

The cmdtyView national average basis weakened to 20 cents under for the ECB, and 16 ¼ cents under in the WCB. The national average cash price is $6.21 ½, with basis -16 ½ cents.

Dalian Corn Prices in China were weaker on Tuesday as well, dropping 4 yuan to 2,699 yuan/MT (~$10.81/bu). 

Mar 22 Corn  closed at $6.38, down 17 3/4 cents,

Nearby Cash  was $6.22 5/8, down 17 7/8 cents,

May 22 Corn  closed at $6.37 1/2, down 17 3/4 cents,

Dec 22 Corn  closed at $5.89 3/4, down 8 1/2 cents,

New Crop Cash  was $5.72, down 10 3/8 cents,