Indecisive Corn Trade so far
AM corn futures are trading UNCH, which followed a tight overnight range of 2c – a penny on each side of UNCH. A turnaround Tuesday fade pulled the corn futures market back by 3 ¾ to 4 cents after May bumped against the 18-day moving average resistance yesterday. After the pullback, futures are still up by 1 ½ cents for the week’s move.
Deliveries from the CME confirmed another 30 contracts issued via StoneX and stopped by ABN. That brought the March total to 245 contracts, with the oldest remaining long at 2/27.
Traders are looking for the WASDE report to show a 17.2 mbu cut to U.S. corn stocks on average. Brazilian production is expected to come down by 1.6 MMT and the trade is looking for world carryout to tighten by 1.2 MMT.
AgRural reported Brazil’s 2nd crop planting at 86% complete vs 73% last week and 70% at the same time last year. The Center-South’s 1st crop harvest reached 49% complete, compared to 37% at this time last year.
Mar 24 Corn closed at $4.13 1/2, down 4 cents, currently up 1/2 cent
Nearby Cash was $3.97 3/8, down 3 3/4 cents,
May 24 Corn closed at $4.26 1/4, down 3 3/4 cents, currently UNCH
Jul 24 Corn closed at $4.37 1/2, down 3 3/4 cents, currently down 1/4 cent
Dec 24 Corn closed at $4.59 1/4, down 3 3/4 cents, currently UNCH
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.
