The corn market posted mixed action on Tuesday, with nearbys down 2 to 3 cents. New crop December was up ¼ cent at the close. The CmdtyView national average Cash Corn price was back down 1 ¾ cents at $4.22.
The new crop soy/corn ratio is at 2.24, still leaning towards corn. We will get the March Planting Intention report at the end of the month. S&P Global estimates a total of 94.3 million corn acres planted this spring, which is up 800,000 acres from their previous estimates.
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EIA will release their weekly petroleum status report on Wednesday, with some expecting to see production slip after last week’s drop as inventory builds.
May 25 Corn closed at $4.58 3/4, down 2 1/4 cents,
Nearby Cash was $4.22, down 1 3/4 cents,
Jul 25 Corn closed at $4.68, down 2 cents,
Dec 25 Corn closed at $4.54 1/4, up 1/4 cent,
New Crop Cash was $4.17 3/4, unch,
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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
