Front month corn prices are near their intra ay highs, with in-delivery March having poked above $7/bu. Prices are up 28 1/2 to 38 cents so far at midday. New crop futures are also back in the black trading above the $6/bu mark and December having fully recovered from Friday’s drop.
USDA’s weekly Export Inspections data showed 1.543 MMT of corn was shipped during the week that ended 2/24. That was down just 34k MT from last week, but compared to 2.046 MMT during the same week last season. Japan was the top destination, having been shipped 457k MT. China and Mexico were also major destinations for the week’s corn shipment – at 319k and 319k MT respectively. USDA had the season’s export at 23.187 MMT through 2/24. That is 11.6% behind last year’s pace – compared to the WAOB’s 11.9% expected decline.
Sorghum exports from the weekly data release showed 146516 MT were shipped. That was down from last week, but still up 25k MT yr/yr. The full season’s export program reached 3.02 MMT through 2/24.
Mar 22 Corn is at $7.03 1/2, up 44 cents,
Nearby Cash is at $6.74 1/2, up 38 1/8 cents,
May 22 Corn is at $6.90 3/4, up 35 cents,
Dec 22 Corn is at $6.10 3/4, up 31 cents,
New Crop Cash is at $5.95 1/1, up 31 1/4 cents,
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