Corn Futures Fracttionally Mixed This Morning

Corn is trading fractionally mixed early in the Tuesday session. Old crop corn backed off 15 cents from the Monday highs, ultimately settling with 7 to 10 cent losses. New crop also faded through the day, but prices settled 1 1/4 to 4 cents higher. 

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. 

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

Mar 22 Corn  closed at $6.26, down 10 cents, up ½ this morning

Nearby Cash  was $6.12 on Monday, down 9 5/8 cents,

May 22 Corn  closed at $6.24 1/2, down 8 3/4 cents, up ½ this morning

Dec 22 Corn  closed at $5.73 1/2, up 4 cents, down ½ this morning

New Crop Cash  was $5.55 5/8 on Monday, up 1 5/8 cents,