Corn 3 to 5 Higher Early Friday

Early session gains on Thursday wilted under quant selling and plain old profit taking. This morning, corn is 3 to 5 cents higher.  Corn futures ended the Thursday session with 3 3/4 to 5 1/2 cent losses after setting new LOC highs in the morning. March got to $6.62 3/4 cents at the day’s peak.

Weekly FAS data showed corn bookings totaled 589,080 MT during the week of 2/3. That was within the range of pre report estimates. Corn shipments were reported at 1.149 MMT. Accumulated shipments have hit 20.715 MMT using FAS data.  Census is different, but also lags. USDA reported milo export bookings at 140,729 MT. FAS reported accumulated sorghum exports at 2.24 MMT, with another 4.11 MMT of sales on the books. 

The WAOB went with a 1.205 billion MT 21/22 corn production figure on Wednesday. That was down 1.61 MMT from Jan’s production, as Brazil was cut by 1 MMT to 114 MMT. On Thursday, CONAB released updated Brazilian production estimates, trimming their number by 0.56 MMT to 112.34 MMT. They cut the average yield for the South by 6.49 bpa to 85.1, with a 28 bpa trim in Santa Catarina. 

Mar 22 Corn  closed at $6.41 3/4, down 5 cents, up 5 this morning

Nearby Cash  was $6.26 5/8 on Thursday, down 5 1/2 cents,

May 22 Corn  closed at $6.40 1/2, down 5 1/2 cents, up 4 ¾ this morning

Dec 22 Corn  closed at $5.84 3/4, down 3 3/4 cents, up 3 ½ this morning

New Crop Cash  was $5.68 5/8 on Thursday, down 4 5/8 cents,