The corn market is trading 2 3/4 to 5 1/4 cents higher so far and are near highs for the day after overnight weakness.
Ukraine’s Ag Ministry reported 15% of 22/23 corn remains un-harvested, citing both quality concerns and harvest issues stemming from both weather and the invasion.
Mexico instituted a sharp 50% export tariff on white corn exports citing rising tortilla prices. The tariff will be temporary, and is currently in place through June 30th. Mexico is a net importer, and has averaged less than 700k MT of full year corn exports over the past 5-years.
The USDA announced a 150k MT old crop corn sale to Colombia this morning.
Weekly Inspections data showed 774k MT of corn was shipped during the week that ended 1/12. That was up from 401k MT from the week prior, and was under the same week last year’s 1.24 MMT shipment. China and Mexico were again the top destinations for the week, each with over 200k MT of the total, Japan was also shipped +100k MT. The weekly report had 10.776 MMT of accumulated corn exports – trailing last year’s pace by 4.55 MMT.
Mar 23 Corn is at $6.79 3/4, up 4 3/4 cents,
Nearby Cash is at $6.83 1/8, up 3 5/8 cents,
May 23 Corn is at $6.78, up 4 1/4 cents,
Jul 23 Corn is at $6.68 3/4, 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. For more information please view the Barchart Disclosure Policy here.
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