Corn futures are 1 to 2 cents higher in early Friday trading, with nearby March again the firmest and 3 ½ cents premium to May. Corn prices retreated by 1 3/4 to 3 1/4 cents for old crop on Thursday. New crop prices were 6 cents weaker going home. Some net new selling was noted, with preliminary open interest rising 3,335 contracts on the day.
IHS Markit sees 2022 corn planted area at 91.489m acres. That is down from their prior estimate of 91.578m acres and compares to 93.357 for 21/22. Most of the shift went to wheat, with a moderate bean bump yr/yr.
USDA’s weekly data showed 1.402 MMT of corn was sold during the week that ended 1/20. The weekly report showed a marketing year high for corn exports of 1.437 MMT. Japan was the top destination for the exported corn.
Mar 22 Corn closed at $6.25 1/4, down 1 3/4 cents, up 2 ¾ this morning
Nearby Cash was $6.11 3/8 on Thursday, down 1 3/4 cents,
May 22 Corn closed at $6.23, down 2 cents, up 1 ½ this morning
Dec 22 Corn closed at $5.66 3/4, down 6 cents, up ¾ this morning
New Crop Cash was $5.50 1/8 on Thursday, down 6 cents,
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