Corn prices are still near the session lows at midday with 4 to 4 ¾ cent losses so far.
Traders are looking for the WASDE report to show a 17.2 mbu cut to U.S. corn stocks on average. Brazilian production is expected to come down by 1.6 MMT and the trade is looking for world carryout to tighten by 1.2 MMT.
AgRural reported Brazil’s 2nd crop planting at 86% complete vs 73% last week and 70% at the same time last year. The Center-South’s 1st crop harvest reached 49% complete, compared to 37% at this time last year.
Wire sources had China locking in 20 cargoes (~1.2 MMT) of grain import purchases over the last couple weeks, including corn, barley, and sorghum. Origins were thought to be Ukraine and the US, which was evident via the spike in sorghum sales in last week’s Export Sales report.
The weekly Export Inspections data showed 1.083 MMT of corn was shipped during the week that ended 2/29. That was down from 1.3 MMT last week, but remains ahead of last year. Japan and Mexico were the top destinations. Accumulated corn shipments reached 20.6 MMT vs 15.33 MMT at the same point last season.
Mar 24 Corn is at $4.13 1/2, down 4 cents,
Nearby Cash is at $3.97 1/2, down 4 1/2 cents,
May 24 Corn is at $4.25 1/2, down 4 1/2 cents,
Jul 24 Corn is at $4.36 3/4, down 4 1/2 cents,
Dec 24 Corn is at $4.58 1/2, down 4 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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