Corn Rallying Through Midday

Front month corn futures are trading with gains of as much as a dime through midday. March Dalian Corn Prices were higher on the 27th to 2,730 yuan/MT (~ $11.37/bu). That is up 278 yuan/MT from their harvest low in September, but is still 119 under the high from last May. New crop futures on the Dalian are just a 9 yuan/MT ( ~ 3 1/2 cents) discount to March  

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. 

USDA’s Ag Attache had Argentina’s corn crop at 51 MMT. That was 3 MMT under the USDA official forecast. 

Mar 22 Corn  is at $6.34 1/2, up 9 1/4 cents,

Nearby Cash   is at $6.21 5/8, up 9 3/8 cents,

May 22 Corn  is at $6.31 3/4, up 8 3/4 cents,

Dec 22 Corn  is at $5.68, up 1 1/4 cents,

New Crop Cash   is at $5.52 3/8, up 2 1/8 cents,