A turnaround Tuesday fade pulled the corn futures market back by 3 ¾ to 4 cents after May bumped against the 18-day moving average resistance yesterday. After the pullback, futures are still up by 1 ½ cents for the week’s move.
Traders are looking for the WASDE report to show a 17.2 mbu cut to U.S. corn stocks on average. Brazilian production is expected to come down by 1.6 MMT and the trade is looking for world carryout to tighten by 1.2 MMT.
AgRural reported Brazil’s 2nd crop planting at 86% complete vs 73% last week and 70% at the same time last year. The Center-South’s 1st crop harvest reached 49% complete, compared to 37% at this time last year.
The weekly Export Inspections data showed 1.083 MMT of corn was shipped during the week that ended 2/29. Accumulated corn shipments reached 20.6 MMT vs 15.33 MMT at the same point last season.
Mar 24 Corn closed at $4.13 1/2, down 4 cents,
Nearby Cash was $3.97 3/8, down 3 3/4 cents,
May 24 Corn closed at $4.26 1/4, down 3 3/4 cents,
Jul 24 Corn closed at $4.37 1/2, down 3 3/4 cents,
Dec 24 Corn closed at $4.59 1/4, down 3 3/4 cents,
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