Corn is trading back up by 1 1/4 to 5 cents as the market squares up positions ahead of the 3-day holiday weekend. Corn futures stuck to a tighter range on Thursday, with March working between -4 1/2 to +2 1/2 cents. At the close the front month futures were 1 to 1 3/4 cents lower.
Weekly FAS data showed 636.8k MT of corn was sold during the week that ended 12/15. Analysts were looking for at least 625k MT. Export shipments were 958.7k MT for a season total of 8.22 MMT (324 mbu). That is 15.6% of the WASDE forecasted total.
The BA grain exchange rates the Argentine corn crop at 15% G/E down from 17% last week and well below 76% YA. P/VP rose to 26% from 23%. Plantings are 52% completed vs. 60% a year ago and the 5-year average of 68%. Rains in Western Argentina moved east into larger producing Cordoba. That front will reach Paraguay and southern Brazil ( RGDS) by the end of the week.
Mar 23 Corn closed at $6.60 1/2, down 1 3/4 cents, currently up 4 3/4 cents
Nearby Cash was $6.68 1/8 on Thursday, down 1 7/8 cents,
May 23 Corn closed at $6.60 1/4, down 1 1/2 cents, currently up 4 cents
Jul 23 Corn closed at $6.54 1/4, down 1 1/4 cents, currently up 3 1/4 cents
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.
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