Corn futures are trading with 4 to 6 cent losses across most contracts on Tuesday There were 156 deliveries issued against March corn overnight. The CmdtyView national average Cash Corn price is down 4 3/4 cents to $4.05 ½. Crude oil is down another $9.69 as more risk premium comes off the table following President Trump signaling the ongoing conflict may be nearing an end late on Monday.
USDA’s monthly WASDE report from this morning showed no changes on the US balance sheet, as carryout was left at 2.127 bbu.
Over on the world front, the World Ag Outlook Board there were offsetting changes to the South American production numbers as Argentina was lowered by 1 MMT to 52 MMT and Brazil raised by 1 MMT to 132 MMT. World ending stocks were up 3.76 MMT to 292.75 MMT. That vame as old crop Brazilian stocks were increased by 0.78 MMT and demand for the current marketing year was lowered by 0.5 MMT. Ukraine output was raised by 1.7 MMT, with stocks rising by 1.3 MMT.
Mar 26 Corn is at $4.33, down 4 1/2 cents,
Nearby Cash is at $4.05 1/2, down 4 3/4 cents,
May 26 Corn is at $4.49, down 4 3/4 cents,
Jul 26 Corn is at $4.59 3/4, down 5 3/4 cents,
