Corn prices continue lower into the new week, with midday quotes another 4 1/4 to 5 1/2 cents in the red for old crop. New crop prices are fractionally mixed so far.
USDA reported the week’s corn shipments at 572,622 MT from the week of 2/23. That was down from 623,795 MT the week prior, and was 982,605 MT below the same week last year. Mexico was the top destination with 56% of the total. Thet weekly Inspections report had the accumulated shipment at 14.308 MMT through 2/23, compared to 23.205 MMT at the same point last year.
Safras and Mercado had Brazil’s 1st corn crop at 27.6% harvested as of 2/24. That trails last year’s 39% pace, but is above the 5-yr average pace of 25%. The 2nd crop planting pace was marked at 39% for the Center-South region, compared to 48.7% on average.
Mar 23 Corn is at $6.44 3/4, down 5 1/4 cents,
Nearby Cash is at $6.44, down 5 1/4 cents,
May 23 Corn is at $6.44 1/2, down 4 3/4 cents,
Jul 23 Corn is at $6.34 1/2, down 4 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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