Corn prices hold steady on Tuesday

What happened: Corn prices held steady on Tuesday, with futures showing gains of 1 to 3 ¼ cents across the front months. This stability follows a positive report from USDA, which showed a total of 95.9 million acres of corn planted in the U.S., slightly above expectations. Soybeans also saw slight gains, up 1 to 4 cents, following a mixed close on Monday.

Market impact: The steady prices in corn and slight gains in soybeans indicate a period of stability in the grains market. This could benefit agricultural companies and farmers, who have been grappling with volatility in recent months. The USDA's planting report also provides clarity on supply, which can influence pricing and trading strategies.

What to watch next: Investors should keep an eye on USDA's weekly export sales report, due out on Thursday, for updates on corn and soybean sales. Additionally, the market will be watching for any further developments on ethanol policy, following EPA's decision to allow E15 sales year-round, which could impact corn prices.