Corn Futures Gaining on Export Sales

Front month corn futures are trading with midday gains of 11 1/4 to 16 1/2 cents on the bullish demand figures.  

USDA’s weekly Export Sales data showed 2.143 MMT of old crop was booked during the week that ended 3/3. That was well above estimates, a MY high, and a +500% increase yr/yr. Unknown destinations were the top buyer. USDA also reported new crop bookings at 22,860 MT for the week. That was down from 222k last week, though the forward book is still 24% ahead of last year’s pace. As for export shipments, USDA reported 1.763 MMT were sent out during the week with 555k of that to China. The accumulated shipment reached 1.08 bbu, or 43% of USDA’s forecast. 

WASDE data from Wednesday showed a 75 mbu higher export forecast and a 25 mbu bump for ethanol. That left carryover stocks figured at 1.44 bbu. 

Brazil’s corn production was estimated at 114 MMT, which was UNCH from Feb. In Argentina, USDA trimmed off 1 MMT for a 53 MMT crop. 

May 22 Corn  is at $7.49 1/4, up 16 1/4 cents,

Nearby Cash   is at $7.17 1/1, up 16 cents,

Jul 22 Corn  is at $7.19 1/2, up 11 1/4 cents,

Dec 22 Corn  is at $6.44 1/4, up 7 1/2 cents,

New Crop Cash   is at $6.33 5/8, up 7 1/2 cents,