Front month corn futures are fractionally higher to up by 4 1/2 cents so far. The March contract has printed nearly a 10 cent range so far for the week’s first trade day.
USDA’s weekly Export Inspections report showed 511,506 MT of corn was shipped during the week that ended 2/09. That was up from 494k MT last week but was well below the 1.46 MMT during the same week last year. Mexico was the top destination. The season’s export reached 13.06 MMT through 2/9, which remains 35% behind last year's pace. Milo exports from the report reached 497k MT compared to 2.62 MMT during the same point last year.
USDA’s Ag Attache reduced their outlook for the Argentina corn crop to 45 MMT citing the drought. They showed that the 35-40% of the early planted corn crop had serious damage and that the late planted corn is also showing some affects despite beneficial rain in late Jan – early Feb.
Mar 23 Corn is at $6.84, up 3 1/2 cents,
Nearby Cash is at $6.87 1/8, up 3 3/8 cents,
May 23 Corn is at $6.81 1/4, up 3 cents,
Jul 23 Corn is at $6.68 1/2, up 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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