New Selling had New Corn Contract Lows

The Tuesday corn market is set to start the day session following more overnight sell pressure to new contract lows. AM futures are off the overnight lows but still fractionally to 1 ¾ cents weaker. Old crop corn futures led the way lower with losses of over a percent to start the week. New crop futures also faded through Monday but ended the day 1 ½ to 2 ¾ cents weaker.  Open interest continues to increase, rising 10,151 contracts on Monday. 

The weekly Export Inspections report confirmed 901,958 MT (35.5 mbu) of corn was shipped during the week that ended 1/25. That was up 21% for the week and was 66% above the same week last year led by shipments to Mexico and Japan. USDA had the accumulated export total at 15.64 MMT (615 mbu) through Jan 25, which is 30% ahead of last year’s pace. Milo shipments for the week were shown at 63k MT for a yearly total of 2.7 MMT. Last year’s sorghum exports were just 500k MT at this time. 

Safras and Mercado reported Brazil’s 1st crop corn harvest at 15.3% complete, compared to 12% last year and 10.2% on average. The second crop planting has reached 3.97m HA per Safras.  AgRural estimates that it is 11% completed. 

Mar 24 Corn  closed at $4.40 1/4, down 6 cents, currently up 5 cents

Nearby Cash   was $4.18 3/8, down 5 3/4 cents,

May 24 Corn  closed at $4.50 1/2, down 5 1/4 cents, currently up 5 cents

Jul 24 Corn  closed at $4.59 1/4, down 4 1/4 cents, currently up 5 cents