Corn futures are experiencing losses of 4 to 6 cents across most contracts on Tuesday, with March corn priced at $4.33, down 4.5 cents. The CmdtyView national average cash corn price has also decreased by 4.75 cents to $4.05 ½. Overnight, there were 156 deliveries issued against March corn.
In the latest USDA WASDE report, the U.S. corn carryout remains unchanged at 2.127 billion bushels. Globally, Argentina’s corn production forecast was lowered by 1 million metric tons (MMT) to 52 MMT, while Brazil’s was raised by 1 MMT to 132 MMT. World ending stocks increased by 3.76 MMT, reaching 292.75 MMT. Ukraine’s output rose by 1.7 MMT, leading to a stock increase of 1.3 MMT.
Additionally, crude oil prices fell by $9.69 following signals from President Trump that the conflict might be nearing an end.
