Corn Closes Lower on Tuesday
Corn futures ended the Tuesday session with contracts down 2 to 7 cents across the nearbys, as pressure came from wheat and some calming Black Sea tensions. The CmdtyView national average Cash Corn price was down 6 1/2 cents at $4.23 3/4.
EIA’s weekly report will be released on Wednesday, some looking for steady ethanol production in the week ending last Friday.
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A Bloomberg survey of analysts shows corn acreage estimated at 94.4 MMT ahead of the Prospective Plantings report on Monday, with a range of 92.5 to 96.6 million acres.
In fresh rounds of negotiations trying to reach a ceasefire, Russia and Ukraine have both agreed to ensure safe navigation in the Black Sea, similar to the previous Black Sea Grain Initiative, and to ban attacks on energy facilities.
May 25 Corn closed at $4.57 3/4, down 6 3/4 cents,
Nearby Cash was $4.23 3/4, down 6 1/2 cents,
Jul 25 Corn closed at $4.65 1/4, down 6 3/4 cents,
Dec 25 Corn closed at $4.49, down 2 1/2 cents,
New Crop Cash was $4.12 7/8, down 2 1/2 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.
