Corn is working a penny off the overnight lows but still 1 ¼ to 1 ¾ cents weaker into the last trade day of the week. Feb ended with UNCH to 2 ½ cent gains across the front month corn futures. May prices were down by a net 29 cents for the month’s move. Dec corn finished 16 ¾ cents in the red for the month. The average Dec corn price was $4.66, compared to $5.91 last year, for the month of Feb’s crop insurance calculation.
CME delivery data had 3 contracts put out for March corn. ADM stopped them and SG Americas issued them.
USDA reported corn bookings were 1.08 MMT for the week that ended 2/22. That was up from 820k MT the week prior and was inline with expectations. New crop sales were listed at 165k MT for the week which brough the total forward book to 1.62 MMT – that remains 5% ahead of this point last year. Old crop commitments are 30% ahead of last year’s pace with 38.12 MMT.
Traders are looking for NASS to report 445.9 mbu of corn use for ethanol in the monthly Grain Crush report. That would be up 1.1% if realized in this afternoon’s release.
Mar 24 Corn closed at $4.15 3/4, up 2 1/2 cents, currently up 3/4 cents
Nearby Cash was $3.99 3/8, up 2 1/2 cents,
May 24 Corn closed at $4.29 1/2, up 1 cent, currently down 1 3/4 cents
Jul 24 Corn closed at $4.41 1/4, up 1 cent, currently down 1 1/2 cents
Sep 24 Corn closed at $4.50 1/4, up 1/4 cent, currently down 1 1/2 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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