Corn futures are trading with fractional gains as we roll into the mid-week session. Corn settled mostly ½ to 2 ¼ cents higher on Tuesday, extending Monday’s rally and closing above some initial technical resistance levels such as the 18-day moving average. Prices did back off from midday levels, when they had been 4 to 5 cents higher.
A drier weather pattern is expected across the Plains for the next week. Temps are expected to be above average, particularly in the western half of the Corn Belt.
USDA reported a private sale of 200,000 MT of corn to unknown destinations for 2024/25 shipment on Tuesday. That’s two days of sales in a row under the daily reporting system. US FOB prices are competitive ($6-8/MT discount) with Brazilian offerings out through October despite abundant second crop Brazilian supplies in the pipeline. Low prices cure low prices……
Sep 24 Corn closed at $4.02 1/2, up 2 1/4 cents, currently up 1/4 cents
Nearby Cash was $3.96 1/1, up 2 1/4 cents,
Dec 24 Corn closed at $4.17 1/4, up 2 1/4 cents, currently unch
Mar 25 Corn closed at $4.31 1/4, up 2 cents, currently up 1/2 cents
New Crop Cash was $3.80 1/1, up 2 1/4 cents,
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