Corn Fractionally to 2 Cents Lower

Corn prices are starting off Tuesday with fractional to 1 1/2 cent losses so far for Tuesday. The corn market ended Monday with fractional to 2 3/4 cent losses to start the week.  There were 38 delivery notices vs. March corn overnight, with potentially strong hands on the receiving end. The receipts are in Cargill facilities on the Illinois River. The oldest long is dated 2/27.

The NASS Texas Crop Progress report showed TX corn planting reached 20% complete as of 3/5. That is 7% points ahead of the average pace. Milo was 14% planted, matching the average pace. 

Weekly Inspections data had 899,810 MT of corn exports for the week that ended 3/2. That was up from 650k MT last week but was about 700k MT below the same week last year. Mexico was the top destination for the week with 375k MT of the total. Accumulated corn exports hit 15.285 MMT as of 3/2, compared to 24.787 MMT last season. 

Poland and Ukraine agreed to terms for Ukrainian grain shipments through Polish ports. The deal, separate from the Black Sea corridor arrangement, will go into effect 3/8. Turkey’s Foreign Minister announced Turkey is working to renew the export corridor deal. 

AgRural reported the Center-South corn planting for Brazil reached 70% complete. That compared to 55% last week and 80% last year. 

Mar 23 Corn  closed at $6.44 1/2, down 3/4 cent, currently down 1 cents

Nearby Cash   was $6.37 1/8, down 2 1/2 cents,

May 23 Corn  closed at $6.37, down 2 3/4 cents, currently down 1 cents

Jul 23 Corn  closed at $6.25 1/2, down 2 1/2 cents, currently down 3/4 cents