Corn Holding Steady on Wednesday Morning

Row of corn - by fietzfotos via Pixabay

Overnight trade on the CBoT has corn steady to a penny higher this morning. Corn bulls were stuck in the mud on Tuesday, as contracts saw losses of just ½ to 2 ½ cents across the board. May was 2 ½ cents off the session low at the close, with December futures closing 2 cents in the red, 1 ¾ cents off their low. 

The weekly EIA data will be published later today, with most expecting to see slight drop in ethanol production in the week of 4/12.

Monday afternoon’s Crop Progress report showed state by state progress moving along as Missouri was already 26% complete as of 4/14, compared to the 10% average, with IA 4% planted. States in the Eastern Corn Belt are off to a slightly slower start, with IL (3%), IN (1%) and OH (0%) each 1% back of the 5-year average. Ohio has been very wet.

Private forecaster Cordonnier has dropped projected Argentine corn production to 50 MMT, joining the BAGE in lowering yield estimates due to disease pressure.  USDA was at 55 MMT in the April WASDE report. 

Ukraine’s ag ministry expects this year’s corn acreage to drop 4.5% from last year at 3.863 million hectares (9.55 million acres). Production is forecasted at 27 MMT, about even with last year.

May 24 Corn  closed at $4.31, down 1/2 cent, currently up 1 cent

Nearby Cash   was $4.14 5/8, up 0 cent,

Jul 24 Corn  closed at $4.42 3/4, down 1 1/2 cents, currently up 1/4 cents

Dec 24 Corn  closed at $4.67 1/4, down 2 cents, currently unchanged

New Crop Cash   was $4.30 7/8, down 2 cents,

On the date of publication, Alan Brugler 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.