Corn Trading Double Digits Higher

Coming out of the weekend, front month corn futures are up by 14 1/2 to 15 1/4 cents for midday. Prices opened the session 8 1/4 cents above their Friday settle. Midday prices for new crop are also 6 to 8 1/4 cents higher with Dec at $5.80 1/4 per bushel.

The weekly Export Inspections data showed 1.053 MMT of corn was exported during the week that ended 2/3. That was up 17,419 MT from last week, but well below the 1.586 MMT shipped during the same week last season. Japan was the top destination for the week’s corn export, with 28.6% of the total, though Mexico, China, and Colombia were all shipped +100k MT each. Corn’s accumulated export program reached 18.597 MMT (732.15 mbu) through 2/3. That is 30.2% of the Jan forecasted total trailing last year’s pace by 13.9% compared to the 11.9% forecasted drop off. 

Turkey is tendering for 325k MT of feed corn. South Korea’s NOFI is on the market for 138k MT of feed corn. 

USDA’s Ag Attache reported Brazilian corn production would reach 113 MMT, compared with the official 115 MT forecast, on lower yields. Exports were also cut in the Attache update, down by 1 MMT to 42 MMT. Analysts expect USDA to revise Brazil between a 1.1 MMT boost to a 5 MMT cut. For Argentina, traders are looking for between UNCH to 5 MMT cut for Argentina. The average estimate is to see USDA go with 113.3 MMT for Brazilian corn production and 52.1 MMT for Argentinian output. 

Mar 22 Corn  is at $6.35 1/4, up 14 3/4 cents,

Nearby Cash  is at $6.20 1/8, up 14 5/8 cents,

May 22 Corn  is at $6.36 3/4, up 15 cents,

Dec 22 Corn  is at $5.80 1/4, up 6 1/2 cents,

New Crop Cash  is at $5.65 5/8, up 7 1/2 cents,