Corn Rallies into Tuesday’s Close
Corn futures were helped by a stronger wheat complex on Tuesday, as contracts closed with 6 to 7 cent nearby gains. The front month CmdtyView national average Cash Corn price was up 7 1/4 cents at $4.27.
EIA will release their weekly ethanol production update on Wednesday, with the trade looking for a rebound from last week’s drop.
Crop Progress data showed the US corn crop at 78% planted, in line with the trade average estimate. That is ahead of the 73% average pace and the 67% from last year. Areas that were lagging were IL (-3%), KY (-11%), OH (-12%) and TN (-3%). Emergence was listed at 50%, with the normal pace at 40%.
The next 7 days show light rain coverage in parts of the WCB, lighter in NE and IA, with heavier totals in the East. That may delay some planting where it is already behind, with OH at just 34% completed.
The Argentine export tax on corn reduction to 9.5% is set to expire at the end of June and will not be extended. The rate will revert back to 12% on July 1, the Economic Ministry announced on Tuesday.
Jul 25 Corn closed at $4.54 1/2, up 7 cents,
Nearby Cash was $4.27, up 7 1/4 cents,
Sep 25 Corn closed at $4.35 1/4, up 7 cents,
Dec 25 Corn closed at $4.48 1/2, up 6 3/4 cents,
New Crop Cash was $4.06 1/2, up 7 cents,
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.