Corn futures saw slight gains on Tuesday, as most contracts were fractionally to 1 1/2 cents higher. The average trade guess for US corn ending stocks ahead of Thursday’s monthly USDA report is 2.313 bbu. That would be a reduction of nearly 39 mbu from February and bring it closer to the 16/17 carryout of 2.293 bbu. Analysts are expecting Brazil production to be trimmed 3.4 MMT to 91.6 MMT and Argentina at 36.5 MMT, down 2.5. The weekly EIA report will be released on Wednesday, with last week’s report showing daily production of 1.044 bpd for the week of 2/23. South Korean mills and processor groups purchased 60,000 MT and 136,000 MT of optional origin corn in separate tenders on Tuesday.

Mar 18 Corn closed at $3.79 3/4, up 1 1/2 cents,

May 18 Corn closed at $3.88 1/4, up 1 cent,

Jul 18 Corn closed at $3.95 1/2, up 1 cent

Sep 18 Corn closed at $4.00 1/2, up 1/2 cent

Market Commentary provided by:

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