Corn futures are experiencing a decline, with prices down 2 to 4.5 cents in the front months, while the CmdtyView national average cash corn price sits at $4.13 1/4, down 1 cent. This drop coincides with a weaker crude oil market, down $1.56, following President Trump’s suggestion of a potential ceasefire with Iran, which has eased geopolitical tensions.
The latest EIA data reveals ethanol production fell to 1.075 million barrels per day, a decrease of 41,000 bpd, while crude oil stocks saw a draw of 1.179 million barrels, primarily in the Midwest and Gulf regions. Traders are awaiting Thursday’s export sales data, with expectations for old crop corn sales between 0.9-1.6 MMT. The USDA’s recent report indicated a projected 95.338 million acres of corn to be planted this spring, a 3.45 million acre decrease from last year but above market expectations.
Market professionals should note the potential implications of these developments on corn supply dynamics and pricing, especially in light of the upcoming export sales data and planting forecasts.
Source: nasdaq.com