After a mixed start overnight, the corn market is sitting near the session highs with 1 to 2 ¾ cent gains through midday. Dec ’23 futures expired at the close, a 22 ½ cent discount to the now (official) lead month March.
USDA’s weekly Export Sales data showed 1.418 MMT of corn was booked during the week that ended 12/07. That was at the top end of expectations and included 432k MT of previously announced business. Mexico, Unknown, and China each locked in over 100k MT of corn. FAS data had the season’s corn commitments at 27.166 MMT (1.07 bbu), which compares to 20 MMT (787 mbu) at the same time last year.
The Buenos Aires Grains Exchange reported corn plating at 49% complete, a 9% point advancement for the week.
Mar 24 Corn is at $4.80 1/2, up 1 1/4 cents,
Nearby Cash is at $4.51 3/8, up 1 1/4 cents,
May 24 Corn is at $4.92 3/4, up 3/4 cent,
Jul 24 Corn is at $5.02 1/2, up 1 cent,
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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