Tuesday Bounce Back for Corn Prices

At the close for the Tuesday session old crop corn futures were back up by 2 to 3 1/4 cents. New crop prices were 8 1/4 cents higher. 

Estimates ahead of the May WASDE the trade is looking for USDA to trim Argentina corn output by 1.3 MMT to 51.8 MMT. Brazilian corn production is estimated 2.4 MMT lighter on average to 113.6. Estimates get to as low as 110 MMT. IHS Markit estimates the Brazilian corn crop at 115 MMT, down by 3 MMT from their prior estimate. Safras and Mercado estimates Brazil’s corn crop would be 118.13 MMT, or a 30k MT decrease from their prior figure. Brazil’s Ag Rural estimated the corn crop at 112.3 MMT, after cutting off 5 MMT from their prior estimate. 

France’s Ag Ministry reports an expected 5.9% lighter corn area for 22/23 – citing higher fertilizer prices, at 1.46m HA. 

May 22 Corn  closed at $7.86 1/2, up 2 cents,

Nearby Cash   was $7.62 3/8, up 3 3/4 cents,

Jul 22 Corn  closed at $7.75 1/4, up 3 1/4 cents,

Dec 22 Corn  closed at $7.19, up 8 1/4 cents,

New Crop Cash   was $7.07 1/4, up 7 1/4 cents,