Corn Futures Market News and Commentary
New crop corn prices ended the day 1 3/4 to 2 1/2 cents in the red. Old crop prices were fractionally mixed going home, with March up by a half penny from yesterday.
Barchart’s national average corn basis has hovered near 13 1/4 cents under since mid-December. That compares to minus 17 cents in Jan of ’21. On the board, corn has no carry through May, though the basis for May reads 4 cents firmer at 9 under.
Going into the USDA weekly Export Sales report, the trade is looking for corn bookings between 500k and 1 MMT from the week that ended 1/13. New crop bookings are expected to be blow 200k MT.
Mar 22 Corn closed at $6.11, up 1/2 cent,
Nearby Cash was $5.98 1/2, up 1/2 cent,
May 22 Corn closed at $6.10 3/4, down 1/4 cent,
Dec 22 Corn closed at $5.62 1/4, down 2 1/2 cents,
New Crop Cash was $5.46 1/2, down 2 1/8 cents,