Highlights
Corn deliveries on March futures have been zero since 7 March, so a search for a reason for yesterday’s 14¢ loss on May corn by late morning found no fundamental reason other than the price of eggs had fallen from $8.17 earlier this month to $5.51 yesterday according to the USDA, which reported the egg inventory increased 5.2% the past week. A bit later, we learned ethanol production was down 31,000 barrels per day from last week, but still above 1.06 million barrels per day.
The seasonal trend is down for corn this week, which probably had more to do with weaker corn prices than the eggs and ethanol. Certainly, the tariff verbiage was less fierce yesterday morning than it was Tuesday afternoon.
