Corn Close Mostly Higher

Corn futures came back down from midday highs. The front months held on to gains and closed fractionally to a penny higher. July ’21 contracts ended UNCH at $3.49 1/2 and Sept ’21 closed fractionally lower on the day. Traders await USDA’s supply and demand updates in tomorrow’s reports. The average estimate ahead of USDA is for a 176.5 mbu bump to new crop production by way of a 180.5 bpa yield. Analysts expect that to carry through the MY with an average estimate of 2.823 bbu 2020/21 ending stocks. Old crop stocks are estimated to receive a 21.1 mbu bump. CONAB released their monthly production estimate. They raised both first and second corn crops for a net increase of 1.58 MMT to 102.142 MMT. Analysts expect USDA will leave their estimate at 101 MMT for Brazil.

Sep 20 Corn closed at $3.11 1/2, up 1 cent,

Dec 20 Corn closed at $3.23 1/2, up 1/2 cent,

Mar 21 Corn closed at $3.35 1/4, up 1/2 cent,

May 21 Corn closed at $3.43 1/4, up 1/4 cent,

--- provided by Brugler Marketing & Management

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