Corn futures experienced slight losses on Tuesday, with most contracts down 1 to 3 cents. The national average cash corn price fell by 1.25 cents to $4.09 3/4. In related market news, crude oil decreased by $8.38 amid U.S. naval escorts in the Strait of Hormuz, though reports of mines in the waterway caused a brief bounce back.
The USDA’s monthly WASDE report indicated no changes in the U.S. corn balance sheet, maintaining a carryout at 2.127 billion bushels. Global production forecasts saw mixed adjustments: Argentina’s output was lowered by 1 million metric tons to 52 million, while Brazil’s was raised by 1 million metric tons to 132 million. World ending stocks rose by 3.76 million metric tons to 292.75 million, primarily due to increased Brazilian stocks.
