Corn futures posted lower trade across the front months on Thursday, with losses of 3 to 4 cents. Outside pressure was a factor as the US dollar index hit a 2 month high and crude oil was down 98 cents/barrel. The CmdtyView national average Cash Corn price was down 4 cents at $3.76 3/4. The average close for December futures so far this month remains at $4.20, as the 7 closes have ranged from $4.16 ½ to $4.22.
Harvest pressure may be a factor as the record acreage seems to be getting off unimpeded for much of the country. Lack of Export Sales data and tracking the current pace of sales is also giving some growing traders uncertainty.
China’s monthly report from Thursday morning left the production number alone at 296.16 MMT, with the import number trimmed by 1 MMT to 6 MMT.
Dec 25 Corn closed at $4.18 1/4, down 3 3/4 cents,
Nearby Cash was $3.76 3/4, down 4 cents,
Mar 26 Corn closed at $4.34, down 3 3/4 cents,
May 26 Corn closed at $4.42 3/4, down 3 1/2 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com
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