Corn futures saw a little “sell the rumor, buy the fact” action on Tuesday, but closed UNCH in the front months. Deferred contracts were steady a penny higher. The monthly USDA S&D report confirmed what many had anticipated, adding 200 mbu to the 18/19 ending stocks projection at 2.035 mbu. All three major demand categories saw reductions. On the world side, both Argentina was hiked 1 MMT (now 47 MMT), and Brazil was boosted 1.5 MMT to 96 MMT. That added supply, coupled with rising US stocks, caused world carryout to be upped by 5.48 MMT to 314.01 MMT. Forecasts of wet and cold weather with heavy snow accumulations this week across the WCB were supportive to new crop.
May 19 Corn closed at $3.60, unch,
Jul 19 Corn closed at $3.68 1/2, unch,
Sep 19 Corn closed at $3.77 1/4, unch,
Dec 19 Corn closed at $3.89 1/4, up 1/4 cent
--provided by Brugler Marketing & Management