Corn Market Back in Black

Through Friday’s midday, corn futures are trading 2 3/4 to 3 1/2 cents in the black. The front month March got back to $6.50 at the day’s high. 

USDA saw the average cash price for corn oil from 71.63 to 72.4 c/lb regionally through the week that ended 2/11. That compared to between 69.67 and 71.57 cents last week. Ethanol cash prices were weaker to between $1.88 to $2.06/gal. FOB DDGS prices were seen higher at $273 - $285/ton in NOLA and steady at $298 in the PNW. 

Private exporters reported a 128k MT old crop corn sale to Japan this morning via a flash announcement. Weekly FAS data showed corn bookings totaled 589,080 MT during the week of 2/3. Accumulated shipments were tallied at 20.715 MMT on the weekly data. 

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. The Buenos Aires Grains Exchange mentioned that 51 MMT in Argentina is still in play with timely rains, though mentioned persistent dryness would warrant further cuts. Rosario Grains Exchange also maintained their estimate, though at 48 MMT for February. 

Mar 22 Corn  is at $6.44 3/4, up 3 cents,

Nearby Cash   is at $6.29 3/4, up 3 1/8 cents,

May 22 Corn  is at $6.44, up 3 1/2 cents,

Dec 22 Corn  is at $5.87 3/4, up 3 cents,

New Crop Cash   is at $5.71 1/1, up 3 1/4 cents,