Tuesday morning price action in the corn market is 3 to 4 cents in the red. Corn futures were in a weaker mode on Monday, as contracts broke lower with losses of 4 to 9 cents on the session. CmdtyView’s national average Cash Corn price was down 9 cents at $4.50 3/4.
December corn futures have averaged a close of $4.72 so far during February, with 4 more trade days left for the base crop insurance price discovery. Last year’s base price was $4.66.
Monday morning’s Export Inspections report tallied 1.134 MMT (44.66 mbu) of corn exported in the week of February 20. That was down 30.11% from last week and 11.99% below the same week last year. Mexico was the lead destination of 315,386 MT, with 264,006 MT to Columbia, and 191,190 MT headed to Japan. Marketing year shipments are now at 24.874 MMT (1.019 bbu) year to date, which is 32.34% above the same period last year.
CONAB estimates the Brazilian second corn crop at 53.6% planted as of Sunday, which is behind the 59% pace from the same week last year.
Mar 25 Corn closed at $4.82 1/2, down 8 3/4 cents, currently down 3 1/4 cents
Nearby Cash was $4.50 3/4, down 9 cents,
May 25 Corn closed at $4.97, down 8 cents, currently down 3 3/4 cents
Dec 25 Corn closed at $4.70 3/4, down 4 1/4 cents, currently down 3 1/4 cents
New Crop Cash was $4.39 5/8, down 4 1/2 cents,
On the date of publication, Austin Schroeder 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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