Corn futures are showing early losses of 1 to 3 cents so far on Wednesday morning. The corn market posted mixed action on Tuesday, with nearbys down 2 to 3 cents. New crop December was up ¼ cent at the close. Preliminary open interest was down 8,117 contracts on Tuesday, mainly in Front month May The CmdtyView national average Cash Corn price was back down 1 ¾ cents at $4.22.
The new crop soy/corn ratio is at 2.24, still leaning towards corn. We will get the March Planting Intention report at the end of the month. S&P Global estimates a total of 94.3 million corn acres planted this spring, which is up 800,000 acres from their previous estimates.
EIA will release their weekly petroleum status report on Wednesday, with some expecting to see production slip after last week’s drop as inventory builds.
May 25 Corn closed at $4.58 3/4, down 2 1/4 cents, currently down 1 3/4 cents
Nearby Cash was $4.22, down 1 3/4 cents,
Jul 25 Corn closed at $4.68, down 2 cents, currently down 2 1/2 cents
Dec 25 Corn closed at $4.54 1/4, up 1/4 cent, currently down 2 1/2 cents
New Crop Cash was $4.17 3/4, unch,
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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