Front month corn futures are trading 2 to 3 cents weaker so far this morning. Corn spent most of Monday in the red, but ended the day near the highs. March corn closed up by 1 1/2 cents after trading in a 7 cent range. The other front months went home up by 1 3/4 to 3 1/4 cents on the day.
Weekly Export Inspections data showed 480,205 MT of corn was shipped during the week that ended 2/02. That was a drop of 62,784 MT for the week and was 55% below the same week last year. Mexico was the top destination with 322k MT of the total. The accumulated corn shipments remain 33% behind last year's pace with 12.5 MMT shipped MYTD. USDA also had 496,706 MT of sorghum exports for the season through 2/02 – that trails last year’s 2.433 MMT pace.
Ahead of the monthly S&Ds from USDA on Wednesday, the trade is looking for a 3.5 MMT cut to the Argentina corn crop and a 300k MT boost for Brazil. Total global carryout is expected to be 1.5 MMT lighter at 294.5 MMT.
Mar 23 Corn closed at $6.79, up 1 1/2 cents, currently down 2 1/4 cents
Nearby Cash was $6.83 5/8 on Monday, up 2 1/8 cents,
May 23 Corn closed at $6.77 3/4, up 2 1/4 cents, currently down 2 1/4 cents
Jul 23 Corn closed at $6.68, up 3 1/4 cents, currently down 3 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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