Midday corn futures are rallying 6 to 7 ½ cents so far through Monday. Dec is still under the $5 mark.
USDA flashed a 123k MT sale of new crop corn to Mexico this morning via the mandatory reporting system.
USDA’s weekly Export Inspections report had 597,144 MT of corn shipments for the week that ended 8/24. That was up from 511k MT last week but down from the 700k MT shipped during the same week last year. The weekly report had the season total at 36.779 MMT (1.448 bbu).
According to Patria Agronegocios, Brazil has harvested 82.8% of the 2nd crop, compared to 89.2% last year. BAGE estimates Argentina’s planted area will expand nearly 3% vs. LY to 7.3m HA (16m acres).
Russia lowered their corn export tax to 1,932 rubles/MT, down from 2,495.
Sep 23 Corn is at $4.77 1/2, up 6 3/4 cents,
Nearby Cash is at $5.08 7/8, up 5 1/2 cents,
Dec 23 Corn is at $4.95 1/4, up 7 1/4 cents,
Mar 24 Corn is at $5.10 1/2, up 7 3/4 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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