Corn Sneaking Higher into the Weekend
Midday action in the corn market has futures showed fractional to 1 cent gains across the front months. Some spillover support form wheat could be attributed to the gains.
Rains over the next few days will put a pause on planting for a good chunk of the Corn Belt. There was likely quite a bit of the crop planted early this week, which when added on to the already 12% reported as of Sunday, will benefit from the forecast showers.
The Biden Administration is reportedly set to release the updated GREET models next Tuesday, outlining how corn will fit in the future of SAF.
The Buenos Aires Grain Exchange dropped their Argentina corn condition rating by 3% to 17% good/ex. Poor/VPoor ratings were up 4% this week to 40%. Harvest was pegged at 20% complete.
May 24 Corn is at $4.42, up 1 cent,
Nearby Cash is at $4.27 3/8, up 1 3/8 cents,
Jul 24 Corn is at $4.53 1/4, up 1 1/4 cents,
Dec 24 Corn is at $4.76 1/2, up 1/4 cent,
New Crop Cash is at $4.40 1/4, up 1/2 cent,
On the date of publication, Alan Brugler 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. For more information please view the Barchart Disclosure Policy here.