Corn futures experienced modest gains on Tuesday, with most contracts rising by 2 to 3 cents, while the CmdtyView national average Cash Corn price increased to $4.24. The market also reacted to crude oil, which closed up 26 cents amid reports of a potential one-month ceasefire in the Middle East conflict. The upcoming EIA data release is expected to show steady to slightly higher ethanol production for the week ending March 20.

This uptick in corn prices comes as Ukraine’s corn production is estimated at 31-32 million metric tons, aligning closely with last year’s figures. The May 26 Corn contract closed at $4.62 1/2, reflecting a 3-cent increase, while other nearby contracts also showed gains.

Market professionals should monitor these developments closely, as fluctuations in corn and crude oil prices can significantly impact agricultural stocks and broader commodity market trends.

Source: nasdaq.com