Corn Pushing Higher Ahead of USDA Release

Corn futures are up 1 to 2 ½ cents so far on Tuesday morning trade. The corn market closed Monday with fractional to 4 cent gains, helped by pre-report positioning  and a large US export figure. CmdtyView’s national average Cash Corn price was up 3 1/2 cents at $4.32 1/2. 

The Monday morning Export Inspections report showed of 1.819 MMT (71.64 mbu) of corn shipped in the week that ended on March 6, a  MY high. That was an increase of 34.54% from last week and 56.04% above the same week last year. The largest destination was Japan at 399,293 MT, with 391,083 MT to Mexico and 209,098 MT to South Korea. Marketing year exports are now at 29.078 MMT (1.145 bbu), which is now 33% above the same week last year.

Ahead of the USDA report later this morning, analysts are expecting to see a 24 mbu reduction to the US corn carryout projection, to 1.516 bbu. On the world side, traders are looking for the Argentina total to be trimmed 1 MMT to 49 MMT, with Brazil seen unchanged at 126 MMT. Analysts estimate the world carryout to be trimmed by 0.38 MMT to 289.93 MMT.

AgRural estimates the Brazilian second corn crop at 92% as of last Thursday.

A South Korean importer purchased a total of 133,000 MT of corn overnight.

Mar 25 Corn  closed at $4.58 3/4, up 3 1/2 cents, currently down ¾ cents

Nearby Cash  was $4.32 1/2, up 3 1/2 cents,

May 25 Corn  closed at $4.72, up 2 3/4 cents, currently up 2 1/2 cents

Dec 25 Corn  closed at $4.55, up 3/4 cent, currently up 1 1/4 cents

New Crop Cash  was $4.20 3/4, up 3/4 cent,