Corn Futures Rise Amid Predictions of Late Planting
Corn futures began April on a positive note, with contracts increasing by 4 to 8 cents. New crop contracts experienced the most significant gains due to forecasted rains that may hinder early planting efforts. The CmdtyView national average cash corn price rose by 7 ¾ cents, reaching $4.31 1/4.
February Ethanol Production Data Released
Monthly data from NASS revealed that 421.2 million bushels (mbu) of corn were utilized for ethanol production in February. This figure marked a 10% decline from January’s revised total, which was increased by 10.5 mbu, and was 5.44% lower than the same month a year ago. The marketing year total thus far stands at 2.754 billion bushels (bbu), representing a 1.31% increase compared to the same period last year.
Brazil’s Production Adjustments
According to StoneX, Brazil’s corn output for the first crop is projected at 25.6 million metric tons (MMT), down 0.63 MMT from previous estimates. Additionally, the second crop forecast has been reduced by 0.51 MMT to 101.62 MMT.
Market Closing Prices
The closing prices for corn on various contracts were as follows:
- May 25 Corn: Closed at $4.61 3/4, up 4 1/2 cents
- Nearby Cash: Was $4.31 1/4, up 7 3/4 cents
- Jul 25 Corn: Closed at $4.68 1/4, up 5 cents
- Dec 25 Corn: Closed at $4.49 1/2, up 7 1/2 cents
- New Crop Cash: Was $4.13 1/2, up 9 3/4 cents
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article are solely for informational purposes. For more information, please view the Barchart Disclosure Policy
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The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
