Corn futures managed to hold onto some strength on Wednesday, as contracts closed fractionally to a penny higher. The CmdtyView national average Cash Corn price was up ½ cent to $3.94 1/2.
USDA's armchair estimate for the US corn balance sheet will be released at Thursday’s Ag Outlook Forum. Ahead of the release, a Bloomberg survey of analysts is calling for corn acreage to drop 3.8 million acres from last year to 95 million acres. Corn production is estimated to total 15.936 bbu, which would be a drop of 1.085 bbu from last year's total.
EIA data will be released on Thursday morning, pushed back due to the Monday holiday.
Brazilian corn exports for February are expected to total 1.12 MMT according to ANEC, a slight increase from their estimate last week.
Mar 26 Corn closed at $4.27, up 3/4 cent,
Nearby Cash was $3.94 1/2, up 1/2 cent,
May 26 Corn closed at $4.36 3/4, up 1 cent,
Jul 26 Corn closed at $4.44 3/4, up 1/2 cent,
