Tuesday Gains for Corn Futures
The corn market settled the Tuesday session near the highs with 2 ½ to 5 cent gains across the front months.
South Korea’s KFA is on the market for 68k MT of feed corn via tender.
Trader estimates ahead of Friday’s December WASDE and Crop Production reports show analysts are looking for a miniscule change, seeing a 2.8 mbu tighter corn carryout for the U.S. and a 1.6 MMT tighter carryout for the world picture. Argentina is projected with a 300k MT lighter production and a 1.8 MMT lighter output is seen for Brazil.
A publicly traded farming company in Brazil, SLC Agricola, reported their winter corn area will be 7.5% below their prior estimate given struggles with the soybean crop. Brokerage firm StoneX figures Brazil’s first crop corn output at 26.45 MMT (from 26.77 previously), and their second crop production at 97.33 MMT (down from 98.96 MMT).
Dec 23 Corn closed at $4.68 1/2, up 8 1/4 cents,
Nearby Cash was $4.59 5/8, up 6 cents,
Mar 24 Corn closed at $4.90 1/2, up 5 cents,
May 24 Corn closed at $5.02, up 5 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.
