Corn is sitting at or near the overnight lows with 2 to 3 cent losses on Wednesday morning, following the 2 ¼ t 4 ¼ cents gains coming out of the 3-day weekend. The March contract printed a 6 ¾ cent range on the day. While trade talk is negative about pending EPA revisions to the carbon intensity scoring model that are expected in early March, bulls noted that EPA head Regan was scheduled to appear with Ag Sec Vilsack at the Commodity Classic on March 1, stirring hopes of a positive announcement.
USDA reported Tuesday that 155k MT of new crop corn was sold to Japan in a private export sale.
The weekly Export Inspections data showed 918,610 MT of corn was exported during the week that ended 2/15. That was up from 890k MT the week prior and was 47% above the same week last year. Corn shipments read 18.12 MMT as of 2/15, and accumulated milo exports were at 3.31 MMT.
Safras and Mercado reduced their estimate for Brazilian corn production by 3.3 MMT to 125.9 MMT. The AgRural listed 2nd crop plantings at 59% complete, compared to 38% last week and 40% last year.
Mar 24 Corn closed at $4.18 3/4, up 2 1/4 cents, currently down 2 1/4 cents
Nearby Cash was $4.00 3/4, up 2 3/8 cents,
May 24 Corn closed at $4.32 1/2, up 3 cents, currently down 3 cents
Jul 24 Corn closed at $4.43 1/4, up 3 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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