Corn futures showed minor fluctuations on Tuesday, with contracts ranging from steady to 2 ¼ cents higher. Specifically, May corn closed at $4.54, while July corn slipped ¼ cent to close at $4.65 ½. The CmdtyView national average Cash Corn price remained stable at $4.11 ¾.
Ukraine’s economic ministry has announced plans to plant 4.42 million hectares (10.92 million acres) of corn this spring, with total grain acreage expected at 6 million hectares (14.83 million acres), an increase of 240,000 hectares (593,000 acres) from last year. Additionally, Coceral has revised its UK and EU corn crop estimate to 60.7 million metric tons (MMT), up 1.8 MMT from earlier forecasts.
EIA data on ethanol production and stocks will be released on Wednesday, with analysts predicting steady output compared to last week. Crude oil saw an increase of $2.52 on the same day.
