Corn price action is showing fractional to penny losses so far on Thursday morning. Futures managed to hold onto some strength on Wednesday, as contracts closed fractionally to a penny higher. Preliminary open interest was down 2,381 contracts on Wednesday. The CmdtyView national average Cash Corn price was up ½ cent to $3.94 1/2.
USDA's armchair estimate for the US corn balance sheet was released via this morning’s Ag Outlook Forum. Acreage was estimated at 94 million acres, a drop of 4.8 million acres if realized this spring and below estimates. Corn production was estimated to total 15.755 bbu, with trend yield pegged at 183 bpa.
EIA data will be released this morning, pushed back due to the Monday holiday.
Brazilian corn exports for February are expected to total 1.12 MMT according to ANEC, a slight increase from their estimate last week.
Mar 26 Corn closed at $4.27, up 3/4 cent, currently down 1/2 cent
Nearby Cash was $3.94 1/2, up 1/2 cent,
May 26 Corn closed at $4.36 3/4, up 1 cent, currently down 1/2 cent
Jul 26 Corn closed at $4.44 3/4, up 1/2 cent, currently down 3/4 cent
