Corn price action is down 1 ¼ to 3 ¼ cents in the front months. Futures posted gains across most contracts on Tuesday, with contracts fractionally to 2 cents higher. Crude oil strength was supportive. Tuesday’s preliminary open interest was down 14,092 contracts, mostly in the old crop contracts, as new crop OI was higher. There was just 1 delivery issued against March corn overnight. The CmdtyView national average Cash Corn price was up 1 cent to $4.06 3/4.
USDA reported a private export sale of 196,000 MT of corn to unknown destinations on Tuesday morning.
EIA data will be released this morning, with ethanol production expected to be steady in the week ending last Friday.
Mar 26 Corn closed at $4.34 1/4, up 1 cent, currently down 1 1/4 cents
Nearby Cash was $4.06 3/4, up 1 cents,
May 26 Corn closed at $4.46 1/2, up 3/4 cent, currently down 3 1/4 cents
Jul 26 Corn closed at $4.55 1/2, up 1 1/4 cents, currently down 3 cents
