Corn is starting midweek with prices 3 to 4 ¾ cents in the red and at their overnight lows. Corn futures bounced back on Turnaround Tuesday. At the close, futures were ¾ to 3 ¾ cents in the black which left the March contract near break even for the week. Preliminary open interest showed net new buying, but only 232 contracts. Shorts were closing out some March positions and rolling to deferred delivery. December futures expire tomorrow.
The weekly Export Inspections data showed 711,733 MT (28.02 mbu) of corn was shipped during the week that ended 12/07. That was below the 1.2 MMT last week but compares to 517k MT during the same week last year. USDA had the season’s total at 9.18 MMT (361.4 mbu) compared to 7.17 MMT (282.2 mbu) at the same point last season. Milo exports YTD are 1.426 MMT compared to just 357k MT during the 22/23 season.
AgRural in Brazil estimates that first crop corn planting is 95% completed, compared to last year’s historically fast pace at 96%.
Mar 24 Corn closed at $4.85 1/4, up 3 3/4 cents, currently down 4 1/4 cents
Nearby Cash was $4.55 1/2, up 4 cents,
May 24 Corn closed at $4.97 1/4, up 3 1/4 cents, currently down 4 1/2 cents
Jul 24 Corn closed at $5.06, up 2 1/2 cents, currently down 3 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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