Corn futures are trading fractionally to 1 1/2 cents higher at midday. The release for this week’s EIA report is pushed back until Thursday due to today’s Day of Mourning for former President George H.W Bush. News today is limited. Ahead of next Tuesday’s monthly S&D update, analysts are expecting US corn 18/19 carryout at 1.738 bbu, just 2 mbu more than their November projection. DTN reported a national average cash price of $3.45 1/2 on Tuesday evening, 36 cents higher than a year ago. That put the national average basis level at -26 3/4 cents, the strongest this marketing year (MY).
Dec 18 Corn is at $3.75 3/4, up 1 1/2 cents,
Mar 19 Corn is at $3.85 1/2, up 3/4 cent,
May 19 Corn is at $3.92 1/2, up 1 cent
Jul 19 Corn is at $3.98 3/4, up 1/2 cent
--provided by Brugler Marketing & Management