Corn Down 2 to 5 Cents on the Overnight Session

Corn futures are trading 2 to 5 cents lower this morning. They ended the Turnaround Tuesday session with 4 to 6 cent losses in most nearby contracts. Profit taking after hitting a 5-year high on Monday weighed on the market. Some pressure also came from weakness wheat, as the nearby KC wheat-corn spread was 16 1/2 cents at Tuesday’s close. That was the tightest since 2013. Monday’s Crop Progress report showed that OH still has 32% of the crop left to be seeded, with IL 12% remaining. EIA will release their weekly ethanol production and stocks data later this morning. Dr Michael Cordonnier raised his 18/19 Brazilian corn production estimate by 1 MMT to 100 MMT.

--provided by Brugler Marketing & Management

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