Corn is 1 to 2 cents weaker starting the day session for the last day of January. After printing new contract lows in yesterday’s overnight trade, the rest of the Tuesday session saw corn futures rally 5 ¾ to 8 ¼ cents and close near the session highs. That resulted in a lower low, higher high and a net gain for the March contract. March is also now net higher for the week to date. While month end short covering/profit taking had been assumed during the session to be the driver of the rally, preliminary open interest dropped only 329 contracts across the corn board. March was down 6,089 contracts but the next 5 months out all showed increases.
The Federal Reserve’s Federal Open Market Committee will announce their decision and justification for the Federal Funds Rate through March 20th. Most traders are expecting no change from the 5.25%-5.5%.
Safras and Mercado reported Brazil’s 1st crop corn harvest at 15.3% complete, compared to 12% last year and 10.2% on average. The second crop planting has reached 3.97m HA per Safras. AgRural estimates that it is 11% completed.
Mar 24 Corn closed at $4.47 3/4, up 7 1/2 cents, currently down 1 1/4 cents
Nearby Cash was $4.26 3/4, up 7 1/2 cents,
May 24 Corn closed at $4.58 3/4, up 8 1/4 cents, currently down 1 3/4 cents
Jul 24 Corn closed at $4.67 1/4, up 8 cents, currently down 1 1/2 cents
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