Corn Futures Adding to Upside

Friday’s corn market has the board fractionally higher in new crop and up by as much as 4 cents for nearby old crop futures. March options expire today, with a possible $6.50 and $6.55 pin in play. 

USDA reported the weekly average corn oil price was reported from 71.82 and 73 cents/lb regionally. That compares to 71.63 to 72.40 cents seen regionally last week. DDGS FOB export quotes were $275 - $285/ton in NOLA and $298 in the PNW through the week that ended 2/18. That is fairly even with last week’s $273 - $285 and $298/ton quotes respectively. 

USDA reported 820,041 MT of corn was sold during the week that ended 2/10. 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  is at $6.54 1/4, up 4 1/4 cents,

Nearby Cash  is at $6.38 1/1, up 4 1/4 cents,

May 22 Corn  is at $6.53, up 3 3/4 cents,

Dec 22 Corn  is at $5.97 1/4, up 3/4 cent,

New Crop Cash  is at $5.81 1/2, up 5/8 cent,