Corn Futures Rise as Brazil Lowers Production Estimates

Corn futures are gaining traction, up 4 to 6 cents across the front months at midday on Tuesday, continuing Monday’s upward trend. The CmdtyView national average Cash Corn price has increased by 6 ¾ cents, reaching $4.30 1/2.

Later today, the Monthly Grain Crushing data will be released, with analysts anticipating February’s corn grind to be slightly lower than the previous year, which benefitted from an extra day in the month.

Brazil’s Production Forecast Adjusted

According to StoneX, Brazil’s corn production for the first crop is forecasted to reach 25.6 million metric tons (MMT), down by 0.63 MMT from earlier estimates. The second crop is now predicted to be 101.62 MMT, a reduction of 0.51 MMT.

Current Futures Prices

May 25 Corn is priced at $4.61 1/4, reflecting a gain of 4 cents.

Nearby Cash stands at $4.30 1/4, up 6 ¾ cents.

July 25 Corn is trading at $4.68, with an increase of 4 ¾ cents.

December 25 Corn is listed at $4.47, gaining 5 cents.

New Crop Cash is at $4.10 1/4, showing an increase of 7 ½ cents.

On the date of publication, Austin Schroeder did not hold any positions in the securities mentioned in this article. All information and data provided herein are for informational purposes only. For further details, please view the Barchart Disclosure Policy here.

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The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.