March’s trading begins the new month with a continuation of the commodity rally. Corn futures are another 5% higher for midday with March up 41 1/4 and may 35 cents in the black. New crop prices are gaining 16 to 22 1/4 cents so far.
The national average corn basis from cmdtyView was 7 cents firmer this morning to -20 cents. That is still down from a -13 cent basis during late Jan/mid Feb. In the ECB cmdtyView data has the average basis at -20 cents, 8 cents stronger on the day but 10 weaker from March 1 2021. In the WCB, the regional average basis from cmdtyView was 21 3/4 cents under spot, 7 cents tighter than yesterday and firm with the same basis bid last year.
Crude Oil prices were up by more than 11%, to well over the $100/bbl mark. That is the highest priced front month quote since the Crimea invasion in March of 2014.
May 22 Corn is at $7.25 3/4, up 35 cents,
Nearby Cash is at $7.06 3/4, up 35 5/8 cents,
Jul 22 Corn is at $7.09 1/4, up 32 1/4 cents,
Dec 22 Corn is at $6.25 1/2, up 18 1/4 cents,
New Crop Cash is at $6.13 3/8, up 22 5/8 cents,
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