Corn futures headed into the close with contracts near their lows, as contracts were down anywhere from a penny to 6 ½ cents on the day.
Weekly petroleum data from EIA is delayed until tomorrow due to Monday’s President’s Day holiday. 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. The average trade estimate is for corn acres to be pegged at 90.9 million acres. The 23/24 carryout is seen at 1.809 bbu.
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.
Mar 23 Corn closed at $6.74, down 6 1/2 cents,
Nearby Cash was $6.75 3/4, down 7 3/8 cents,
May 23 Corn closed at $6.74 1/4, down 6 1/4 cents,
Jul 23 Corn closed at $6.64, down 5 1/4 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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