Corn futures are 2 to 5 cents higher as we roll into the Wednesday session. After weakness early on Tuesday, corn futures bounced into the close for 1 1/2 to 3 1/4 cent gains. New crop prices were fractionally lower.
FAS’s weekly Export Inspections report had 1.204 MMT of corn shipped during the week that ended 1/13. The marketing YTD accumulated corn exports are 15.288 MMT according to the weekly data. That is 12.6% behind last year’s pace, while the updated WASDE S&D tables are calling for a full year 11.9% drop.
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, up 5 ¾ this morning
Nearby Cash was $5.86 on Monday, up 3 1/8 cents,
May 22 Corn closed at $6.00, up 2 3/4 cents, up 5 ½ this morning
Dec 22 Corn closed at $5.57 3/4, down 1/2 cent, up 1 ¾ this morning
New Crop Cash was $5.41 7/8 on Monday, up 3/8 cent,
/A%20concept%20image%20of%20space_%20Image%20by%20Canities%20via%20Shutterstock_.jpg)
/A%20concept%20image%20of%20a%20flying%20car_%20Image%20by%20Phonlamai%20Photo%20via%20Shutterstock_.jpg)
/Oracle%20Corp_%20office%20logo-by%20Mesut%20Dogan%20via%20iStock.jpg)