Corn Markets Mixed at Bell

After weakness to start the short week, corn futures bounced into the close with 1 1/2 to 3 1/4 cent gains. New crop prices were fractionally red at the closing bell. 

FAS’s weekly Export Inspections report had 1.204 MMT of corn shipped during the week that ended 1/13. That was up 181k MT wk/wk and was 270k MT above the same week last year. China and Mexico were the top destinations for the week with 349k and 347k MT each respectively. USDA had the MYTD accumulated corn export at 15.288 MMT according to the weekly data. That is 12.6% behind last year’s pace, while the updated S&D tables are calling for a full year 11.9% drop. 

USDA announced a large private sorghum sale to unknown destinations for 126k MT of old crop. The weekly Export Inspections report showed 141,850 MT of milo were shipped during the week that ended 1/13. China was nearly the exclusive destination with just 2,421 MT to Mexico. Accumulated sorghum exports were at 2.072 MMT as of 1/13.  Social media reports indicate a rail shipment of corn from Ukraine arriving in China over the weekend. China has a large unshipped book from Ukraine.

Brazil’s AgRural reported second crop corn planting at below 1% as bean harvest is just getting underway. First crop corn harvest was at 6% in the Center-South region, up from 3% last season. Safras and Mercado forecasted Brazilian corn output at 115.6 MMT. That was down from 116.08 MMT forecasted in December, but still 600k MT above the USDA official forecast for Brazil. 

Mar 22 Corn  closed at $5.99 1/2, up 3 1/4 cents,

Nearby Cash  was $5.86 1/1, up 3 1/8 cents,

May 22 Corn  closed at $6.00, up 2 3/4 cents,

Dec 22 Corn  closed at $5.57 3/4, down 1/2 cent,

New Crop Cash  was $5.41 7/8, up 3/8 cent,