Corn started a rally on Sunday night, but has faded back to near UNCH for midday. March had seen 4 1/4 cent gains earlier in the session, but is now a penny in the red. New crop prices are still fractionally to 2 cents in the black, but Dec is about 3 cents off its high. Â
After the Lunar New Year break, Dalian Corn Prices in China were net lower on 3 to 13 yuan/MT losses. Note the Chinese market is also an inverse, with March corn a 3 yuan premium to May, which itself is a 24 yuan/MT premium to July.
USDA announced a private export sale of 112k MT of corn sold to Japan under the daily reporting system.Â
The weekly Export Inspections data showed 527,932 MT of corn was shipped during the week that ended 1/26. That was a 201k MT decline from last week and was down by 508k MT from the same week last year. USDA had the season’s export at 12.038 MMT as of 1/26, compared to 17.55 MMT last year.Â
Brazil’s Safras and Mercado reduced their 1st crop corn estimate to 23.7 MMT citing the drought in the South – specifically RGdS and Parana. They maintained a 15m HA area for the winter corn crop, unch from their prior estimate and still 200k HA above last year.
High input costs are concerning EU corn growers, with AGPM estimating lower 23/24 planted area.Â
Mar 23 Corn  is at $6.82, down 1 cent,
Nearby Cash  is at $6.85 1/2, down 1 1/4 cents,
May 23 Corn  is at $6.79 3/4, down 1/4 cent,
Jul 23 Corn  is at $6.66 1/2, up 3/4 cent,
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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