Corn futures closed the Tuesday session with contracts steady to 2 ¼ cents higher following some friendlier old crop numbers from USDA. The new crop data was a little less bull friendly. The CmdtyView national average Cash Corn price was steady to $4.14.
USDA’s annual March Prospective Plantings report from this morning showed a total of 95.338 million acres of corn expected to be planted this spring. That would be a 3.45 million acre drop from a year ago if realized, but was above the 94.37 million acres average trade guess. The survey of producers was done in the first two weeks of March.
Grain Stocks data was tallied at 9.024 billion bushels for March 1. That was 89 mbu below the average trade guess but still an increase of 887 mbu from a year ago. December 1 stocks were revised 23 mbu higher to 13.306 bbu.
May 26 Corn closed at $4.57 3/4, up 2 cents,
Nearby Cash was $4.14 0/1, down 0 cent,
Jul 26 Corn closed at $4.68 1/4, up 3/4 cent,
Dec 26 Corn closed at $4.84 1/4, up 1/4 cent,
New Crop Cash was $4.41 1/1, down 3/4 cent,
