Corn futures managed to squeeze gains out of Tuesday’s session, as contracts closed with gains of ½ to 3 cents across the board. Some spillover support from higher beans and wheat helped corn push ahead.
EIA will come out with its weekly oil report on Wednesday morning showing weekly ethanol production and stocks. Production is expected to improve against last weeks total of 1.047 million barrels per day as margins remained decent.
Barchart updated its US corn production forecast on Tuesday, leaving yields at 183.74 bpa. The total production amount was raised by 738 mbu to 15.67 bbu in a 1.05 million acre increase to harvested acres at 85.29 million. That compares to the USDA’s current numbers of 174.9 bpa for yield and 87.1 million acres for harvested area.
Dec 23 Corn closed at $4.70, up 1/2 cent,
Close Cash was $4.45 1/2, up 1 1/8 cents,
Mar 24 Corn closed at $4.89, up 1 1/2 cents,
24 May Corn closed at $5.00, up 2 1/4 cents,
As of 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 for informational purposes only. For more information, please see Barchart’s 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.