Corn futures closed the Monday session with contracts firm to 4 ½ cents higher. The nearby contracts took much of the strength, with March up the 4 ½. New Crop December added to the discount, only seeing a ¾ cent gain.
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 494,000 MT last week but was well below the 1.46 MMT during the same week last year. Mexico was the top destination of 297,817 MT. The season’s exports reached just 13.06 MMT through February 9, which remains 35% behind last year's pace. Milo exports from the report reached 497,639 MT compared to 2.62 MMT during the same point last year.
AgRural estimates Brazil’s Corn planting is 25% complete on the second crop, lagging behind the 42% pace from 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 closed at $6.85, up 4 1/2 cents,
Nearby Cash was $6.88 5/8, up 4 cents,
May 23 Corn closed at $6.82 1/4, up 4 cents,
Jul 23 Corn closed at $6.69 1/4, up 2 3/4 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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