Corn market is trading back near the overnight highs at midday, after seeing initial selling that took May to $6.25. The board is still 1 1/4 to 2 3/4 cents in the red.Â
USDA reported 1.189 MMT of corn was inspected for export during the week that ended 3/16. That was up from 1.015 MMT the week prior, but was down 308k MT from the same week last year. The season’s export reached 17.523 MMT as of 3/16, still trailing last year’s pace. USDA also reported 94.5k MT of milo exports, bringing the season’s total to 914k MT.Â
The Black Sea Export Corridor agreement was renewed over the weekend as no party officially backed out. The key to watch however, is that Russia says they only agreed to a 60 day extension - despite the deal having been set to automatically renew for 120 days.Â
BAGE lowered their corn production estimate by another 1.5 MMT taking their estimate of the 22/23 Argentine crop to 36 MMT.Â
May 23 Corn  is at $6.31 3/4, down 2 1/2 cents,
Nearby Cash  is at $6.35 7/8, down 2 3/8 cents,
Jul 23 Corn  is at $6.14 3/4, down 3 cents,
Dec 23 Corn  is at $5.59 1/4, down 2 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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