Corn Futures Fight for Gains on Tuesday
The Tuesday action in the corn market saw futures close mixed with 24/25 strength, up 1 ¼ to 3 ¼ cents Contracts for the ’25 crop and beyond were fractionally to 1 ¾ cents lower.
Monday afternoon’s Crop Progress report showed many of the notable states were above normal planting pace, with IN, ND, and OH actually below the average pace for this week. As far as the other major states, IA was 5% above average, with MO more than double the 21% average pace at 47% complete and both IL and NE 1% faster than normal. Later this week into the weekend we are expected to see widespread precip across much of US growing region.
EIA data will be updated on Wednesday morning for the week that ended on April 19, with traders expecting ethanol production to be on par with last week’s 983,000 barrels per day. Stocks are seen as being trimmed from the 26.08 million last week.
May 24 Corn closed at $4.43, up 3 1/4 cents,
Nearby Cash was $4.27 1/2, up 3 3/8 cents,
Jul 24 Corn closed at $4.52 1/2, up 2 3/4 cents,
Dec 24 Corn closed at $4.74 3/4, up 2 1/4 cents,
New Crop Cash was $4.39 1/2, up 2 1/2 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.