Corn Futures End Weak but Above Session Lows; Models Lack US Precip Pattern Change into June 16: CBOT corn futures ended slightly weaker as the demand-focus bears point toward ongoing weak Chinese factory output, and cheap Brazilian corn and Black Sea feed wheat – which are offered $20+/MT below US origin corn. The story this…
Corn Futures Erode but Find Support on Concerning Midday Forecasts: CBOT corn futures ended 10-11 cents lower on Tuesday but recovered from session lows as neither the GFS nor EU models offered much of a Central US pattern change – with both now peeking into the very middle of June. There’s hope for a shift…
Corn Futures Close Mixed: CBOT July corn rose 4 cents, but the deferred contracts lost 2 to 5 cents. Strong old-crop cash prices supported the July contract. Dismal new-crop export sales and a stronger US$ contributed to weaker new-crop futures. Corn sales saw net cancellations of 2.96 Mil Bu of old-crop and new-crop sales of…
Adverse Midwest Weather Forecast Pushes Corn Higher: CBOT corn recovered amid moderate short covering due to worrisome dry Central US weather forecasts. Central US weather has been arid for both April/May which has allowed active seeding progress, but now the market’s concern is now shifting to one of low soil moisture during the vegetative growth…
Turnaround Tuesday Avoided on Threatening Midwest Weather: CBOT corn recovered amid moderate short covering. Brazil’s interior market is beginning to strengthen. US interior basis levels remain elevated. Dec corn is oversold, technically, and while this week’s rally has been driven mostly by money flow, a more supportive market evolves beyond the US Memorial Day holiday…
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