Corn Market Consolidates After Tuesday Rally

Corn futures are trading mostly 1 cent per bushel lower this morning. They ended the Tuesday session with 6 to 7 3/4 cent gains in most contracts. Preliminary open interest shot up 16,036 contracts on net new buying interest. USDA reported another private export sale of 278,200 MT of corn for 19/20 delivery to Mexico. Prior to Thursday’s monthly USDA update, analysts expect to see a 41 mbu jump to old crop ending stocks at 2.401 bbu. New crop is seen dropping 251 mbu on a cut to production at 1.93 bbu. Brazil’s corn crop is expected to be 99.98 MMT according to CONAB, up 0.672 MMT from their previous estimate. USDA is using 101 MMT.

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