Corn Fading through Midday

Midday corn quotes are down by 3 1/4 to 4 3/4 cents following the bounce to start the week. 

Weekly petroleum data from EIA is delayed until tomorrow in recognition of President’s Day. The weekly FAS Export Sales report is also delayed due to the Monday holiday. The Commodity Futures Trading Commission will begin releasing Commitment of Traders data on 2/27 following the ION ransomware attack. Regular CoT reports will resume beginning by mid-March. 

USDA’s Ag Outlook Forum is set to begin Thursday and Friday, and should set the early tone for new crop S&Ds – until the March Intentions report and initial May WASDE numbers are released. 

USDA’s weekly Export Inspections report showed 622,841 MT of corn was exported during the week that ended 2/16. The season’s total corn export was 13.735 MMT. 

Algeria reportedly booked 30-40k MT of Argentina corn via tender. South Korea’s FLC reportedly booked 65k MT of corn without issuing a tender – to be sourced from either the U.S. or South America. South Korea’s MFG is on the market for 69k MT of feed corn via tender. 

The Rosario Grains Exchange forecasts 8.7 MMT of corn exports from Argentina for the March-June window. That would be down 40% from last year, citing both the lower availability due to drought and the lower seasonal availability due to a shift towards late planting. 

Brazil’s AgRural estimated 40% of the 2nd crop expected area has been planted. That was up from 24% planted last week but remains behind the unusually fast 53% pace last season. 

Mar 23 Corn  is at $6.75 3/4, down 4 3/4 cents,

Nearby Cash   is at $6.77 1/4, down 4 7/8 cents,

May 23 Corn  is at $6.75 1/2, down 5 cents,

Jul 23 Corn  is at $6.65 1/4, down 4 cents,