The day ahead of the USDA reports left corn futures a penny to 4 cents in the red. May ended the 6 3/4 cent range session just 1 1/2 cents off its low, while Dec corn closed its 5 1/2 cent ranged day just 1/2 of a cent off the low.Â
USDA reported another private export sale of 178k MT of old crop corn sold to China under the daily system. Weekly Export Sales were 1.036 MMT for the week that ended 3/23. That was within the range of estimates and included 641k MT of previously announced sales to China. That brought the total commitment to 35.966 MMT or 1.416 bbu. New crop sales were reported at only 21.8k MT, for a 1.974 MT total forward sale as of 3/23.Â
Ukraine’s Ag Ministry reported 5.1 MTM of grain exports for March. That is up from the 1.4 MMT during the same month last year when the war had just begun. The MYTD volume reached 37.4 MMT, which is 16.7% lower than last year, and included 22 MMT of corn.Â
Argentina’s Grain Inspectors union plans to launch a strike over wages beginning Thursday  with no timeline on the duration. Export loadings were described as normal today, with firms able to utilize existing port inventories for several days.
May 23 Corn  closed at $6.49 1/2, down 1 cent,
Nearby Cash  was $6.56 5/8, down 1 cent,
Jul 23 Corn  closed at $6.27 1/4, down 3 1/4 cents,
Dec 23 Corn  closed at $5.67, down 3 1/2 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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