Corn futures are showing 1 to 3 ¼ cent gains across the front months on Tuesday following some friendlier old crop numbers from USDA. The CmdtyView national average Cash Corn price is up 1 1/2 cents to $4.16 3/4.
USDA’s annual March Prospective Plantings report from this morning showed a total of 95.338 million acres of corn expected to be planted this spring. That would be a 3.45 million acre drop from a year ago if realized, but was above the 94.37 million acres average trade guess. The survey of producers was done in the first two weeks of March.
Grain Stocks data was tallied at 9.024 billion bushels for March 1. That was 89 mbu below the average trade guess but still an increase of 887 mbu from a year ago. December 1 stocks were revised 23 mbu higher to 13.306 bbu.
May 26 Corn is at $4.59, up 3 1/4 cents,
Nearby Cash is at $4.16 3/4, up 1 1/2 cents,
Jul 26 Corn is at $4.70 1/4, up 2 3/4 cents,
Dec 26 Corn is at $4.86 1/4, up 2 1/4 cents,
New Crop Cash is at $4.44 1/2, up 2 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.
