Front month corn prices are working 1 ¾ to 4 cents lower so far in midweek trading and setting new Life of Contract lows. Corn prices ended Tuesday with fractional to 4 cent losses after reversing from initial strength. March was the weakest. The U.S. Dollar Index remains strong, touching levels not seen since early December, however it pulled back on Tuesday – currently the dollar is another 193 points lower.
Dalian Corn Prices worked higher into the Lunar New Year break, markets there will be closed beginning Friday will and re-open on Monday the 19th.
Weekly EIA data will be released later this morning showing ethanol output for the week that ended Feb 2nd.
Brazil’s AgRural reported corn planting at 27% finished as of 2/1. That was up from 11% the week prior and is running a week ahead of last year’s pace.
Mar 24 Corn closed at $4.38 3/4, down 4 cents, currently down 4 1/4 cents
Nearby Cash was $4.19 3/8, down 4 1/8 cents,
May 24 Corn closed at $4.50 1/2, down 2 3/4 cents, currently down 3 cents
Jul 24 Corn closed at $4.60 1/2, down 1 1/2 cents, currently down 3 cents
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