Corn is trading a penny to 1 ½ cents higher so far on Tuesday morning. The corn market initially tried for gains to start the week but faded back to close UNCH to fractionally lower on Monday. Preliminary open interest rose 20,032 contracts but neither bulls nor bears had the advantage. Positioning is picking up ahead of next week’s Planting Intentions and Grains Stocks reports (3/28).
The weekly Export Inspections data showed 1.24 MMT of corn was shipped during the week that ended 3/14. That was up from 1.17 MMT the week prior and was slightly above the same week last year. USDA added 32k MT of corn exports to past weeks for a 23.1 MMT accumulated export as of 3/14. That remains 31% ahead of last year’s pace.
Ukraine’s Ag Ministry reported grain shipments totaled 32.4 MMT, including 17.4 MMT of corn, for the season-to-date. That is 9.4% below last year, with corn shipments trailing last year’s pace by 17%. Ukraine’s Ag. Ministry is predicting that 2024 corn acres there will total 3.86 million hectares, down 4.5% from 2023. Shortages of labor, inputs and transport are all factors.
May 24 Corn closed at $4.36, down 3/4 cent, currently up 1 1/4 cents
Nearby Cash was $4.11 3/4, down 1/2 cent,
Jul 24 Corn closed at $4.48 3/4, down 1/4 cent, currently up 1 1/4 cents
Dec 24 Corn closed at $4.70 3/4, unch, currently up 1 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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