Corn Mixed at Midday

After continuing the rally through the AM, old crop corn backed off 15 cents from the highs and are trading 5 1/4 to 9 1/2 cents in the red. New crop also backed off for midday, but prices are still 1 1/2 to 1 3/4 cents in the black. 

USDA reported 1.035 MMT of corn was shipped during the week that ended 1/27. That was down from 1.186 MMT last week and 1.116 MMT from the same week last season. Mexico was the week’s top destination with 342k MT. USDA also added 70,550 MT of corn shipments to past reports, which took the MYTD total export program to 17.534 MMT. last season’s pace was 20.017 MMT at the same point. 

USDA had 127,519 MT of sorghum exports shipped during the week that ended 1/27. That was up from 77k MT last week by down from 247k MT during the same week last year. MYTD milo exports are at 2.277 MMT, compared to 3.07 MMT at the same point last season. 

As the beans come off, Mato Grosso’s 2nd crop corn planting reached 23.7% of expected area according to IMEA. 

Mar 22 Corn  is at $6.27, down 9 cents,

Nearby Cash   is at $6.13 1/8, down 8 1/2 cents,

May 22 Corn  is at $6.26 1/4, down 7 cents,

Dec 22 Corn  is at $5.71, up 1 1/2 cents,

New Crop Cash   is at $5.53 3/4, down 1/4 cent,