Corn futures experienced steady to slight increases on Tuesday, with the CmdtyView national average cash corn price holding at $3.95 1/4 per bushel. The USDA’s monthly WASDE report indicated a reduction of U.S. ending stocks by 100 million bushels, projecting a carryout of 2.117 billion bushels, attributed mainly to a 100 million bushel rise in export projections.
Globally, corn production estimates for Brazil and Argentina remained unchanged, while world ending stocks are forecasted at 288.98 million metric tons, a decline of 1.93 million metric tons from January. Brazilian corn exports for February are projected at 953,217 metric tons, an increase of 159,953 metric tons from earlier estimates.
As for specific prices, March 26 corn closed at $4.28 3/4, May 26 at $4.37 1/4, and July 26 at $4.44 3/4, reflecting minimal fluctuations in the market.
