Corn Market Higher After Late Tuesday Reversal

Corn futures are trading 1 to 1 3/4 cents higher this morning. They closed the Tuesday session with most contracts 4 to 5 3/4 cents lower, rallying 5-6 cents off the lows of the day. Moderation in the US weather forecasts and a bump in condition ratings provided an excuse for profit taking, but major question marks about yield and harvested acreage remain. The national average corn cash price was reported at $4.26 3/4 by cmdtyView, pegging basis at -8 1/2 cents against September. Last year on the same date, cash was @ $3.07 3/4 with basis at -34 cents. INTL FCStone estimates Brazil corn production at 99.7 MMT, up 1.5 MMT from their previous number.

--provided by Brugler Marketing & Management




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