Wednesday Corn Starting Fractionally Higher

Yellow corn that has had its husks removed

Corn futures are fractionally to a penny higher so far as the market rolls into the day session. May prices traded from in a 3c range overnight from +/-1 ½ cents. The front month corn futures market had rallied by 3 cents. May prices finished 3 cents off their highs. 

EIA data will be released later this morning, with production expected to pull back from last week’s total. The trade is also expecting a slight increase to stocks. 

AgRural reported Brazil’s corn planting at 73% for second crop, which is up from 59% last week and compares to 56% at the same time last year. First crop harvest reached 42% complete as of 2/22, which remains ahead of the 27% pace last year. 

Dr. Michael Cordonnier estimated the preliminary 24/25 corn yield between 179 and 180 bushels/acre, which would bring ~15.05 bbu off 92m planted acres. 


Mar 24 Corn  closed at $4.08 1/4, up 1 1/4 cents, currently up 1 cent

Nearby Cash   was $3.91 1/2, up 2 5/8 cents,

May 24 Corn  closed at $4.23 1/2, up 2 cents, currently up ½ cent

Jul 24 Corn  closed at $4.36, up 2 1/4 cents, currently up ¼ cent

On 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 solely for informational purposes. For more information please view the Barchart Disclosure Policy here.