Corn Bleeding Lower again for Tuesday

Corn futures are down 7 3/4 to 11 1/4 cents this morning.  At the Monday close, old crop corn futures were down 10 1/4 to 14 1/4 cents. March went off the board at $7.28 1/4 per bushel – on a 4.74% expiration drop. For new crop corn, the board dipped by 2 1/4 to 6 1/4 cents on the day. 

USDA’s weekly Export Inspections data showed 1.145 MMT of corn was shipped during the week that ended 3/10. That was down from 1.58 MMT last week, and from 2.27 MMT during the same week last season. China was the top destination with 29% of the total, followed by Mexico and Colombia with 27% and 10% respectively. Accumulated shipments reached 25.9245 MMT as of 3/10, compared to 30.2 MMT at the same point last year. 

Ukraine’s Deputy Ag Minister announced that spring planting should begin shortly. Their Ag Producer’s Union spoke of a planting switch from grains and sunseed to additional cereal production. A UN Food and Ag Org survey assumes a 30% loss to corn and sunflower area – though it was not clear how much of that would go unplanted and how much would be planted with something else. Ukraine’s Ag Ministry, separately, also placed a temporary ban on fertilizer exports citing the Russian invasion. 

May 22 Corn  closed at $7.48 1/4, down 14 1/4 cents, currently down 7 3/4

Nearby Cash  was $7.14 on Monday, down 16 cents,

Jul 22 Corn  closed at $7.18 1/2, down 10 1/4 cents, currently down 10

Dec 22 Corn  closed at $6.52 1/2, down 2 3/4 cents, currently down 9

New Crop Cash  was $6.38 1/1, down 4 3/4 cents,