Corn Rallied on Tuesday

Corn prices ended with 8 3/4 to 9 1/4 cent gains on Turnaround Tuesday. New crop futures also extended the rally, having added 4 to 5 1/4 cents to the upside at the bell. 

USDA reported the December corn use for ethanol at 485.816 mbu. That was the second largest on record for any month, behind December of 2018’s 487.7 mbu. MYTD corn use reached 1.828 bbu, which is a 3-yr high for the first 4 months and is 34.3% of the full year WASDE forecast. 

Private exporters reported selling 110k MT of old crop corn to Mexico this morning via the USDA daily reporting system. Turkey is in the market for 325k MT of corn via an international tender. Corn crop conditions in Argentina improved after last week’s rains, with 32% rated good vs. 22% last week. 

Strategie Grains estimates 22/23 world corn output will increase 1% to 1.167b MT. Barley output is also forecasted 6% higher yr/yr to 154 MMT. Russian data shows corn shipments were 16% ahead of last year’s pace through Jan 27th. 

Mar 22 Corn  closed at $6.34 3/4, up 8 3/4 cents,

Nearby Cash  was $6.20 3/8, up 8 1/4 cents,

May 22 Corn  closed at $6.33 3/4, up 9 1/4 cents,

Dec 22 Corn  closed at $5.77 3/4, up 4 1/4 cents,

New Crop Cash  was $5.59 1/4, up 4 5/8 cents,