Friday’s corn market is trading fractionally weaker to 1 ¾ cents in the red and is working near the session lows for midday. Futures were initially 3c higher earlier in the day.
Monthly Census data confirmed Feb corn export shipments were 211.4 mbu which was a 25% increase over January and a 64% increase from Feb ’23. DDGS exports were 986k MT and a 5-yr high for the month. Census had ethanol shipments at 139m gallons, a 7% dip from Jan but still 34% over Feb ’23.
USDA reported export sales on the low end of trade (948,000 MT). Japan and Mexico were active buyers, but reductions of 258,400 MT in sales to unknown and Canada reduced the total. USDA confirmed the largest export week of the year, at 1.641 MMT. New crop sales in the week ending March 28 totaled 11,400 MT.
May 24 Corn is at $4.33 1/4, down 2 cents,
Nearby Cash is at $4.13 1/4, down 1 3/4 cents,
Jul 24 Corn is at $4.46, down 1 1/2 cents,
Dec 24 Corn is at $4.71 1/2, down 1 3/4 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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