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Corn futures are trading 1 to 2 cents lower this morning. They closed the Turnaround Tuesday session 9 to 10 1/2 cents higher, taking back most of Monday’s losses. Yesterday morning’s USDA S&D report showed a reduction to both old and new crop US stocks. The big old crop adjustment came via exports, which were increased 75 mbu to 2.3 bbu, now above the previous year. New crop feed and residual was trimmed by 25 mbu, while corn used for ethanol was upped 50 mbu. The USDA also increased the 18/19 average farm price range by 10 cents to $3.40-4.40, with the mid-point now at $3.90. Most of the reduction to 18/19 world stocks was from the US, with Brazil and the EU adding to the cut.

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