HomeMost Popular A Rollercoaster Ride: The Ever-Changing Corn Market Landscape

A Rollercoaster Ride: The Ever-Changing Corn Market Landscape

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Market Movement Recap

Wednesday saw Corn futures oscillating on either side of UNHC, May demonstrating a range of 6 ΒΌ cents. When the curtains closed, old crop prices had dipped slightly, but the new crop showed an upward trend.

Pre-Report Projections

Predictions before the report indicated corn sales between 800k MT to 1.4 MMT for the week concluding on 3/7. New crop bookings were anticipated to be under 50k MT.

EIA’s Weekly Recap

Weekly numbers from the Energy Information Administration revealed that ethanol producers managed an average output of 1.024 million barrels per day for the week finishing on 3/8. This marked a decline from the previous week, hitting a 5-week low. Concurrently, ethanol stocks witnessed a reduction of 269,000 barrels, reaching 25.782 million, a 3-week low.

Soil Moisture Insights

Insights from NASA’s GRACE depicted alarming inadequacy of soil moisture at the root level, particularly drier than the previous year in regions spanning from Southern Minnesota through Missouri and parts of NE/KS through OH. While South Dakota, W. NE, most parts of KS, OK, and TX showed improvement compared to the corresponding period last year.

Closing Figures

May 24 Corn closed at $4.41 1/4, down 1/2 cent.

Nearby Cash was $4.15 3/4, down 3/8 cent.

Jul 24 Corn closed at $4.53 1/2, down 1/4 cent.

Dec 24 Corn closed at $4.73, up 1/4 cent.

On the date of publication, Alan Brugler 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 here.

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

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