Overnight trading in the corn market has prices 5 to 9 cents lower early in the Tuesday session, offsetting the late session gains from yesterday. Corn ended Monday near the day’s highs as crude oil surged above $95. March bounced 14 1/4 cents from the low and closed 4 3/4 cents in the black. New crop futures also bounced back and ended 3 1/2 to 3 3/4 cents higher.
Weekly Export Inspections data showed 1.455 MMT of corn was shipped during the week that ended 2/10. That was 390,088 MT above last week and 140k MT above the same week last year. China was the top destination with 413,562 MT shipped (bought back in April 2021). USDA reported the season’s exports reached 20.064 MMT through 2/10, which is 12.5% behind last year’s pace.
Accumulated sorghum exports are still 21.7% behind last year’s pace with 2.616 MMT shipped.
Mar 22 Corn closed at $6.55 3/4, up 4 3/4 cents, down 8 ¾ this morning
Nearby Cash was $6.39 ½ on Monday, up 4 5/8 cents,
May 22 Corn closed at $6.55 1/4, up 4 3/4 cents, down 9 this morning
Dec 22 Corn closed at $5.98 1/4, up 3 1/2 cents, down 4 ¾ this morning
New Crop Cash was $5.82 3/8 on Monday, up 3 3/4 cents
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