Corn futures are experiencing a slight downturn on Tuesday, with losses ranging from 4 to 6 cents across most contracts. The overnight trading session saw 156 deliveries issued against March corn. The CmdtyView national average Cash Corn price is currently at $4.05 ½, down 4 3/4 cents. This decline can be attributed to the drop in crude oil prices, which fell by $9.69 as President Trump hinted at a potential resolution to the ongoing conflict.
The USDA’s monthly WASDE report, released earlier today, revealed no changes to the US balance sheet, with carryout remaining steady at 2.127 billion bushels. On the global front, the World Ag Outlook Board made adjustments to South American production figures, lowering Argentina’s output by 1 million metric tons to 52 million metric tons while raising Brazil’s production by 1 million metric tons to 132 million metric tons. World ending stocks also saw an increase of 3.76 million metric tons to 292.75 million metric tons. Additionally, old crop Brazilian stocks were raised by 0.78 million metric tons, while demand for the current marketing year was lowered by 0.5 million metric tons. Ukraine’s output was raised by 1.7 million metric tons, with stocks rising by 1.3 million metric tons.
In terms of current prices, Mar 26 Corn is trading at $4.33, down 4 1/2 cents, while Nearby Cash is at $4.05 1/2, down 4 3/4 cents. May 26 Corn is priced at $4.49, down 4 3/4 cents, and Jul 26 Corn is at $4.59 3/4, down 5 3/4 cents.
It is important to note that the information presented in this article is solely for informational purposes. The original article was published on Barchart.com.
