On Tuesday, the corn market experienced mixed results, with nearby corn prices dropping 2 to 3 cents, while the new crop December corn rose by ¼ cent to close at $4.54 ¼. The CmdtyView national average cash corn price decreased by 1 ¾ cents, reaching $4.22. The May 25 corn was $4.58 ¾, down 2 ¼ cents, and July 25 corn closed at $4.68, down 2 cents.
The new crop soy/corn ratio is currently at 2.24, favoring corn, as S&P Global estimates indicate that 94.3 million corn acres are expected to be planted this spring—an increase of 800,000 acres from previous estimates. The March Planting Intention report is set to be released at the end of the month. Additionally, the EIA will release its weekly petroleum status report on Wednesday, with expectations of a production slip following last week’s inventory build.
