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Corn Sees Turnaround Tuesday Bounce
Corn futures closed out the Tuesday trade session with contracts steady to 3 cents higher across the board, led by the front months. The national average Cash Corn price from cmdtyView was up 3 1/2 cents at $3.82 3/4 per bu.
The average close for December corn futures so far in October has been $4.17. That is 49 cents below the February base insurance price.
Weekly Crop Progress data showed 81% of the US corn crop was harvested as of October 27, which was 17 percentage points ahead of the 5-year average. Of the 18 states the USDA reports, just CO was reported as lagging behind normal.
EIA data will be released on Thursday with ethanol production expected to be near last week’s 1.081 million barrels per day.
ANEC estimates the October corn exports out of Brazil will total 5.92 MMT, a 0.32 MMT reduction from the previous week’s estimate and would be well below the 8.45 MMT from last year. A South Korean importer purchased an estimated 136,000 MT of corn with optional origin of US, South America or South Africa.
Dec 24 Corn closed at $4.13 3/4, up 3 cents,
Nearby Cash was $3.82 3/4, up 3 1/2 cents,
Mar 25 Corn closed at $4.27, up 2 1/4 cents,
May 25 Corn closed at $4.35, up 1 3/4 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.