Corn futures saw gains across most contracts on Tuesday, with increases ranging from fractions to 2 cents. The CmdtyView national average Cash Corn price rose by 1 cent to $4.06 3/4. A significant factor in this movement was the reported private export sale of 196,000 metric tons of corn to unknown destinations by the USDA.
Additionally, South Korean importers purchased a total of 133,000 metric tons overnight. The March 26 corn contract closed at $4.34 1/4, up 1 cent, while May 26 and July 26 corn contracts closed at $4.46 1/2 and $4.55 1/2, marking increases of 3/4 cent and 1 1/4 cents, respectively. Ethanol production data from the EIA is expected on Wednesday, with steady production anticipated for the week ending last Friday.
