Corn Market Takes a Breather Overnight

Corn futures are trading 2 to 5 cents lower this morning. They ended the Tuesday session with most contracts 3 to 6 cents higher as rains continue to slow planting. The front month chart hit its highest price since May 2018 on Tuesday, with new crop Dec the highest since last August. The market is trying to talk producers out of taking the Prevent Plant insurance option by raising the ante, though some may not have a choice. New buying interest continued to flow into the market, with preliminary open interest up 18,371 contracts. A chunk of this is producer cash sales being hedged by the elevators. Due to weakness in the Real, prices have been carried by this rally to the highest level that Brazilian farmers have seen for corn since 2015.

--provided by Brugler Marketing & Management




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