Corn Rounds Out Tuesday with Fractional Strength
Despite some mixed action at midday, corn futures ended the Tuesday session with contracts steady to 1 ¾ cents higher across most contracts. So far during February, December corn has averaged a close of $4.74. The full month average is used to define this years base Crop Insurance price.
Ahead of USDA’s annual Ag Outlook Forum, the trade is looking for the OCE to project 2024 US corn acreage at 91.6 million acres. The data will be released at 7:00 AM EST this Thursday.
Ukraine’s Ag Ministry released data from a producer survey showing an expected 9% drop in expected corn acreage this year. Several international tenders were issued early this week with Egypt’s GASC buying 120,000 MT of Ukrainian corn on Tuesday and a couple South Korean feed importers purchasing a combined 136,000 MT, with expected origins of South America or South Africa.
Mar 24 Corn closed at $4.30 3/4, up 1/4 cent,
Nearby Cash was $4.12 1/2, up 3/8 cent,
May 24 Corn closed at $4.43 1/4, up 3/4 cent,
Jul 24 Corn closed at $4.52 1/2, up 1/4 cent,
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.
