Corn futures failed to hold onto the midday gains on Tuesday, with contracts fractionally to 2 cents in the red. The CmdtyView national average Cash Corn price is up 1 3/4 cents at $4.08 ½.
Total export sales commitments are now at 50.538 MMT, which is now 30% larger than the same period last year. That is 62% of USDA’s estimate for the full marketing year and is ahead of the 60% average pace.
EIA data will be out on Wednesday, with some looking for steady to slightly lower ethanol output in the week ending last Friday.
Brazil’s trade ministry showed corn exports during December at 6.128 MMT, which was a 43.6% increase from the last year and up 21.75% from November.
Mar 26 Corn closed at $4.44, down 1/2 cent,
Nearby Cash was $4.05 1/4, down 1/2 cent,
May 26 Corn closed at $4.51 1/4, down 3/4 cent,
Jul 26 Corn closed at $4.57, down 1 1/4 cents,
