Following the rally to start the week, corn prices are fractionally red early on Wednesday. Overnight action kept March in a tight 2 1/4 cent range. On Tuesday corn futures rallied 4 3/4 to 8 1/2 cents across the front months. March prices shot higher at the  hard open, and stayed elevated all day. March briefly hit the highest front month price in 6 weeks ($6.75 ¾). Futures ultimately closed 3-4 cents off their daily high.
USDA’s weekly Export Inspections data showed 856,606 MT of corn was inspected for export during the week that ended 12/22. That was up from 827k MT last week, but down by 98k MT from the same week last year. Mexico and China were the top destinations for the week, combining for nearly 80% of the total. The weekly report also added 83.5k MT of corn shipments to past weeks, for 8.84 MMT for the season’s total export – compared to 12.3 MMT at the same time last year.Â
Government surveys showed Ukraine’s ’22 corn harvest was 20.2 MMT as of 12/22, though only ~75% finished.Â
Â
Mar 23 Corn  closed at $6.74 3/4, up 8 1/2 cents, currently up 5 cents
Nearby Cash  was $6.82 ¾ on Tuesday, up 8 1/8 cents,
May 23 Corn  closed at $6.73 1/4, up 8 1/4 cents, currently up 5 cents
Jul 23 Corn  closed at $6.66 1/4, up 8 1/4 cents, currently up 5 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.
/AI%20(artificial%20intelligence)/Artificial%20Intelligence%20technology%20concept%20by%20NicoEINino%20via%20Shutterstock.jpg)
