Corn futures increased by 2 to 3 cents on Tuesday, with the CmdtyView national average cash corn price rising by 3 cents to $4.24. The May 26 corn closed at $4.62 1/2, up 3 cents, with July closing at $4.72 1/2 and December at $4.89, both showing slight gains.
In Ukraine, corn production is estimated to be between 31-32 million metric tons (MMT), consistent with last year’s estimate of 31 MMT. Meanwhile, crude oil prices closed up 26 cents following reports of a possible one-month ceasefire in the Middle East conflict.
The EIA data, expected to be released Wednesday morning, will provide insights into ethanol production, which is projected to remain steady to slightly higher for the week ending March 20.
