Corn prices got to levels not seen since 2013 on the board, with in-delivery March rallying 42 1/4 to $7.39 ¾. The May contract went home with a limit gain closing at $7.05 3/4 (and about there synthetically as well). New crop futures went home on Tuesday with 15 3/4 to 22 cent gains. 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 Russian Crimea invasion in March of 2014.
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.
NASS reported 527 mbu of industrial corn use for January. Corn used for ethanol was a 4-year high for the month of January at 474.05 mbu. That was still down 0.8% from December’s ethanol use. NASS reported 1.929m tons of DDGS were produced in January.
Mar 22 Corn closed at $7.39 3/4, up 42 1/4 cents,
Nearby Cash was $7.05 1/1, up 34 7/8 cents,
May 22 Corn closed at $7.25 3/4, up 35 cents,
Dec 22 Corn closed at $6.24 3/4, up 17 1/2 cents,
New Crop Cash was $6.13 5/8, up 21 7/8 cents,
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