It is Wednesday morning and corn futures are trading ¼ to 1 ¼ cents in the black after initial overnight strength. Corn finished Tuesday’s trading with fractional to 1 ¼ cent gains leading March futures to their 4th consecutive gain. March is a net 4 ¼ cent higher for the 4-day rally.
USDA’s weekly Export Inspections data showed 713.3k MT (28.1 mbu) of corn was shipped during the week that ended 1/18. That was down 25% for the week and was 2% below the same week last year. USDA added 11.5k MT to Mexico and 59k MT to Japan from past reports, which put the season’s total export at 14.7 MMT (578.8 mbu). That remains 30% ahead of last year’s pace. Friday’s FAS data had 17.1 MMT (673 mbu) of unshipped sales on the books as of 1/11.
S&P Global expects US corn area will be 93m acres for 24/25. A Farm Futures survey put their estimate for planted corn area in 2024 at 92.798 million and harvested at 84.186 million acres.
Brazil’s AgRural reported 2nd crop corn planting reached 4.9% of expected area for the C-S district. That compares to 1% planted at the same time last season. Safras and Mercado had Brazil’s first crop corn harvest at 8.4% finished as of 1/19. That is up from 1.5% last year and the 5.8% 5-yr average for this time.
Mar 24 Corn closed at $4.46 1/2, up 3/4 cent, currently up 1 1/4 cents
Nearby Cash was $4.24 5/8, up 1 1/8 cents,
May 24 Corn closed at $4.56 3/4, up 1/2 cent, currently up 3/4 cent
Jul 24 Corn closed at $4.66, up 1 1/4 cents, currently up 1/2 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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