Corn Bouncing Back on Thursday Morning Trade
Thursday morning action in the corn market has prices trending 1 to 3 cents higher so far. Corn failed to hold above the $5 mark in March, with contracts down 1 to 5 cents across most months on Wednesday. Preliminary open interest continues to show rolling out of March ahead of options expiration on Friday, with March down 46,263 contracts and the rest up 48,187 contracts. The CmdtyView national average Cash Corn price was down 4 1/4 cents on Friday at $4.64 1/2.
The average close through February for December corn futures has been $4.71. The full month average is used to determine the base crop insurance price, with last year’s average at $4.66.
The weekly EIA report will be released on Thursday morning, with ethanol output likely to be down with the recent stocks buildup and weaker margins.
A Taiwan importer purchased 65,000 MT of corn in their tender on Wednesday, likely from the US.
Mar 25 Corn closed at $4.97 1/2, down 4 1/2 cents, currently up 3 cents
Nearby Cash was $4.64 1/2, down 4 1/4 cents,
May 25 Corn closed at $5.12 1/4, down 3 1/2 cents, currently up 2 3/4 cents
Dec 25 Corn closed at $4.76 1/2, down 1 cent, currently up 1 1/2 cents
New Crop Cash was $4.45 3/4, down 1 1/4 cents,
On the date of publication, Austin Schroeder 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.