Corn rallied back to print new highs for the day, but then faded into the close. At the bell, futures were mixed and within 2 cents of the Wednesday settlements. New crop December was at an 82 1/2 cent discount to the spot market.Â
USDA Weekly Export Sales data showed 1.024 MMT of old crop and 100k MT of new crop corn was sold during the week that ended 2/9. For old crop bookings, that was a slip from 1.16 MMT last week, but marked the 4th of the last 6 weeks for +1 MMT sold. Mexico was the week’s top buyer, followed by sales to unknown destinations and to China. The weekly report had cumulative commitments at 1.095 bbu, compared to 1.832 bbu last season, and to the 1.925 bbu full year export forecast.Â
The FAS also showed 112,984 MT of sorghum was sold during the week for a cumulative 897k MT commitment through 2/9.Â
Mar 23 Corn  closed at $6.76, down 1/4 cent,
Nearby Cash  was $6.77 1/2, down 5/8 cent,
May 23 Corn  closed at $6.75, up 1 cent,
Jul 23 Corn  closed at $6.64, 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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