Corn Sees Pressure on Turnaround Tuesday

Corn futures 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 weighted on the market. Some pressure also came from weakness wheat, as the nearby KC wheat-corn spread was 16 1/2 cents at the close. That was the lowest 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 on Wednesday morning. Dr Michael Cordonnier raised his 18/19 Brazilian corn production estimate by 1 MMT to 100 MMT.

Jul 19 Corn closed at $4.49 3/4, down 5 cents,

Sep 19 Corn closed at $4.55 1/2, down 6 cents,

Dec 19 Corn closed at $4.63, down 5 1/2 cents

Mar 20 Corn closed at $4.68 1/4, down 4 3/4 cents

--provided by Brugler Marketing & Management

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