Corn futures rounded out Tuesday trade with the front months down as much as 2 cents, as contracts pulled back from some technical pressure. The CmdtyView national average Cash Corn price was at $3.77 at today’s close. The average close for December futures so far this month has been $4.20. The whole month average price is used to determine the harvest price for crop insurance.
EIA data will be released on Wednesday morning, with some traders looking to see if ethanol production rebounds from the drop last week.
Despite the government shutdown likely suspending the Thursday Crop Production report, a Reuters survey shows analysts estimating yield at 185 bpa, down 1.7 bpa from September.
Dec 25 Corn closed at $4.19 3/4, down 2 cents,
Nearby Cash was $3.77, up 1 cent,
Mar 26 Corn closed at $4.36 1/4, down 2 cents,
May 26 Corn closed at $4.45 1/4, down 2 cents,
