The corn market is holding near the pre-report trade, with contracts up factionally to 3 cents so far on Tuesday, despite no major changes to the USDA data. CmdtyView’s national average Cash Corn price is up 3 cents at $4.35 1/2. 

The USDA’s updated balance sheet from this morning saw no changes, as the US carryout was projected to total 1.54 bbu. That was above estimates calling for a 24 mbu decrease.

On the world side, the USDA made no changes to the South American crops as Argentina was at 50 MMT and Brazil was 126 MMT. The world ending stocks for 2024/25 were cut by 1.37 MMT, coming in below the average trade estimate. That came even as the world production was increased 1.7 MMT. The main reason for the cut was a 1.86 MMT reduction to carryover from 2023/24 as Brazil’s production from last year total was slashed 3 MMT.

A South Korean importer purchased a total of 133,000 MT of corn overnight.

Mar 25 Corn is at $4.60, up 1 1/4 cents,

Nearby Cash is at $4.35 1/2, up 3 cents,

May 25 Corn is at $4.74 3/4, up 2 3/4 cents,

Dec 25 Corn is at $4.55 3/4, up 3/4 cent,

New Crop Cash is at $4.20 0/1, up 1/2 cent,