Corn prices have backed off their highs but are still fractionally to 1 3/4 cents in the black for midday. New crop futures printed new LOC highs earlier in the session for Thursday.
Barchart’s national average corn basis has hovered near 13 1/4 cents under since mid-December. That compares to minus 17 cents in Jan of ’21. On the board through midday, corn has no carry through May, though the basis for May reads 4 cents firmer at 9 under.
Going into the weekly Export Sales report, the trade is looking for corn bookings between 500k and 1 MMT from the week that ended 1/13. New crop bookings are expected to be blow 200k MT.
Mar 22 Corn is at $6.11 3/4, up 1 1/4 cents,
Nearby Cash is at $5.98 3/8, up 1 3/8 cents,
May 22 Corn is at $6.11 1/2, up 1/2 cent,
Dec 22 Corn is at $5.65 1/4, up 1/2 cent,
New Crop Cash is at $5.49 1/2, down 0 cent,
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