Corn Slipping as USDA Leaves US Stocks Unchanged
Corn futures are showing some selling post-USDA report on Tuesday, with contracts down fractionally in the new crop months to 3 cents lower in some of the nearbys. The national average Cash Corn price from cmdtyView is back down 2 3/4 cents at $4.54 ¼.
This morning’s USDA report showed at the US ending stocks total at 1.54 bbu which is unchanged from last month, compared to the trade’s estimate for a 14 mbu cut. The only major change was a dime increase to the cash average price at $4.35.
Brazil production according to the USDA was down 1 MMT at 126 MMT, citing slower planting progress of the second crop. Argentina was down 1 MMT to 50 MMT compared to the 49.5 MMT trade estimate. World stocks were slashed by 3.03 MMT to 293.34 MMT, as Chinese stocks were down 3 MMT on fewer imports.
Mar 25 Corn is at $4.88 3/4, down 2 3/4 cents,
Nearby Cash is at $4.54 1/4, down 2 3/4 cents,
May 25 Corn is at $5.02, down 2 1/2 cents,
Dec 25 Corn is at $4.70 3/4, down 1/2 cent,
New Crop Cash is at $4.38 1/4, down 3/4 cent,
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.