Corn Closes Higher for Thursday

After firmness through midday, front month corn futures ended the day 3 to 4 1/4 cents in the black. July rallied more than March, eating into the inverse – at 5 cents going home. New crop futures closed with 2 1/2 to 3 cent gains on Thursday. 

USDA reported 820,041 MT of corn was sold during the week that ended 2/10. That was in-line with pre-report estimates and up 40% from last week. Japan was the largest buyer for the week. Corn exports from the same week were 1.618 MMT, which was up 40% from last week and 16% from the same week last year. Accumulated corn exports had reached 22.333 MMT as of 2/10, which is 3% lighter yr/yr. USDA reported new crop’s forward sales were 113,500 MT during the same week, which left total forward sales 44% above last year’s level at 1.565 MMT. 

Export Sales data for milo came in at 148,374 MT. That was up 8k on the week, and brought the season’s commitments to 6.505 MMT. 

The International Grains Council cut their world projected corn production to 1.203 BMT. That was down 4 MMT from last week. Global carryout was down by 6 MMT from their Jan estimate, as trade was 2 MMT higher, to 281 MMT. 

Mar 22 Corn  closed at $6.50, up 3 cents,

Nearby Cash  was $6.34 3/4, up 3 1/4 cents,

May 22 Corn  closed at $6.49 1/4, up 3 1/2 cents,

Dec 22 Corn  closed at $5.96 1/2, up 2 3/4 cents,

New Crop Cash  was $5.80 7/8, up 3 1/4 cents,