Tuesday Follow Through in Corn Market

Corn prices continued lower on Tuesday with follow through selling. Old crop again led the way with double digit drops of 11 1/2 to 13 1/4 cent losses. New crop ended with 1.1% losses of 6 to 7 1/2 cents. The average close of Dec corn through February was $5.91 1/4. 

NASS Crop Progress data from TX showed 5% of the 23/24 corn crop was planted as of 2/26. That is 1% point ahead of the average pace. 

USDA reported the week’s corn shipments at 572,622 MT from the week of 2/23. The 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. 

Ukrainian Black Sea grain exports were reported at 525,688 MT for the week ending 2/26. That was down from 760k MT last week and brought the total shipments under the corridors agreement to 22.5 MMT of grain. 

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  closed at $6.29 1/2, down 13 1/4 cents,

Nearby Cash   was $6.29 1/1, down 13 3/8 cents,

May 23 Corn  closed at $6.30 1/4, down 13 1/4 cents,

Jul 23 Corn  closed at $6.22 1/4, down 11 1/2 cents,