Corn futures are trading 1 3/4 to 7 3/4 cents higher at midday. The May contract is working at the top end of the 8 cent range for the day, while Dec corn is at the high of its daily 10 1/2 cent range.Â
USDA reported a private export sale this morning for 112,800 MT of old crop corn to unknown destinations.Â
Weekly Export Inspections data showed 666,325 MT of corn was exported during the week that ended 3/23. That was down from 1.19 MMT last week and was only 41% of the same week last year. Mexico was the top destination for the week. USDA had the season’s total shipment at 18.194 MMT, compared to 29.045 MMT last year.Â
Survey estimates ahead of USDA’s Grain Stocks report average for a 7.473 bbu corn supply. Trader estimates range from 7.24 bbu to 7.83 bbu, and compare to the 7.758 billion last season. The Q2 implied use would be 3.335 billion bushels if the average estimate is confirmed. Last year’s Q2 demand was 3.883 billion bushels.Â
Prospective Plantings is expected to show 90.9m acres for 23/24 corn. The full range of estimates is between 87.7 and 92.1 million. The Outlook Forum was at 91 million flat compared to 88.6 million last year.Â
May 23 Corn  is at $6.44, up 1 cent,
Nearby Cash  is at $6.48 3/8, up 1 1/2 cents,
Jul 23 Corn  is at $6.26, up 3 cents,
Dec 23 Corn  is at $5.67 1/4, up 7 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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