Corn futures closed higher for the sixth consecutive session, as March has risen 6 3/4 cents in that timeframe. As of Tuesday evening, the national average cash corn price was $3.15 1/4 according to the DTN national corn index. That is 2 1/4 cents lower than the same day last year, as the basis, at -37 1/2 cents, is even with a year ago. The weekly EIA report will be delayed until Thursday morning due to the shortened holiday week. Last week’s report showed the week of 12/15 production 1.077 million bpd, which was the third largest weekly production only behind the prior two weeks. Consultant Michael Cordonnier is sticking with his 88 MMT forecast for Brazilian corn production, with Argentina at 42 MMT.

Mar 18 Corn closed at $3.53 3/4, up 1 cent,

May 18 Corn closed at $3.62 1/4, up 1 1/4 cents,

Jul 18 Corn closed at $3.70 1/2, up 1 cent

Sep 18 Corn closed at $3.78, up 1 1/4 cents

Market Commentary provided by:

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