Corn futures start their Friday session 1-2 cents lower. Yesterday, corn markets rebounded and 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. 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.
The International Grains Council cut their world projected corn production to 1.203 BMT. That was down 4 MMT from last month. 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, down 1 ¾ cents this morning
Nearby Cash was $6.34 ¾ on Thursday, up 3 1/4 cents,
May 22 Corn closed at $6.49 1/4, up 3 1/2 cents, down 2 cents this morning
Dec 22 Corn closed at $5.96 1/2, up 2 3/4 cents,
New Crop Cash was $5.80 7/8 on Thursday, up 3 1/4 cents, down 1 ¼ cents this morning
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