Corn prices are starting out Tuesday’s day trade with fractional to 2 cent losses. The corn markets started out Sunday night strong, with March having traded up by 4 1/4 cents. Futures faded through the rest of the morning before closing out the first trade day of the week with fractional to 2 1/2 cent gains.
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.
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.
Mar 23 Corn closed at $6.83 3/4, up 3/4 cent, currently down 2 cents
Nearby Cash was $6.86 on Monday, up 1/4 cent,
May 23 Corn closed at $6.81 1/4, up 1 1/4 cents, currently down 2 cents
Jul 23 Corn closed at $6.67 1/2, up 1 3/4 cents, currently down 1 1/2 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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