Corn price action is up 1 to 2 cents so far on Tuesday morning. Futures were down 2 to 3 cents in the front months at Monday’s close. Open interest on Monday showed new selling, up 12,836 contracts on the losses. The CmdtyView national average Cash Corn price was down 1 3/4 cents at $3.92 1/2. Crude oil was down $2.56/barrel, with the US dollar index up $0.581.
NASS released their monthly Grain Crushings report on Monday afternoon, with December corn used for ethanol at 488.26 million bushels. That was a record high for the month and was 5.1% above the same week last month. Marketing year corn used in ethanol production is at 1.863 billion bushels, up 1.1 million bushels from the same period last year.
Monday morning’s Export Inspections report showed 1.136 MMT (44.74 mbu) of corn shipped in the week of 1/29. That was 9.88% below the week prior and 26.55% shy of the same week last year. Japan was the largest destination of 444,439 MT, with 260,227 MT shipped to Mexico and 147,478 MT to Colombia. The marketing year total is now 32.611 MMT (1.284 bbu) of corn shipped since September, which is still 49.86% above the same period last year.
On Monday President Trump issued a Truth Social post that a call with India’s President Modi went well with the US lowering tariffs on the country from 25% to 18% and India agreeing to buy over $500 billion of US energy, technology, agricultural, coal and other products. India has historically been a top 3 to 4 buyer of US ethanol.
StoneX estimates the first corn crop in Brazil at 26.59 MMT, up 610,000 MT from their previous number. Their second crop projection is 106.37 MMT, a 560,000 MT increase from the prior estimate.
A South Korean importer purchased a total of 134,000 MT of corn in a tender overnight.
Mar 26 Corn closed at $4.25 3/4, down 2 1/2 cents, currently up 2 cents
Nearby Cash was $3.92 1/2, down 1 3/4 cents,
May 26 Corn closed at $4.33 1/2, down 2 1/4 cents, currently up 1 3/4 cents
Jul 26 Corn closed at $4.39 3/4, down 2 1/4 cents, currently up 1 3/4 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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