The corn futures market faded from the session highs, but still closed 2 ¼ t 4 ¼ cents higher on out of the 3-day weekend. The March contract printed a 6 ¾ cent range on the day.
Dalian Corn Prices were 14 to 17 yuan/MT (~6 cents/bu) weaker on Monday after the Lunar New Year break, while the Chicago Board of Trade was closed. Their May contract increased 35k contracts of OI, though March was down by 11.4k. The March contract settled at 2,355 yuan (~$8.31/bu).
USDA reported 155k MT of new crop corn was sold to Japan in a private export sale.
The weekly Export Inspections data showed 918,610 MT of corn was exported during the week that ended 2/15. That was up from 890k MT the week prior and was 47% above the same week last year. The weekly update also had 315.8k MT of sorghum exports. Corn shipments read 18.12 MMT as of 2/15, and accumulated milo exports were at 3.31 MMT.
Safras and Mercado reduced their estimate for corn production by 3.3 MMT to 125.9 MMT. The AgRural listed 1st crop harvest at 59% complete, compared to 38% last week and 40% last year.
According to the BAGE, Argentine crop conditions declined last week despite recent shower activity. Such a drop is not uncommon in the US between July and the end of August. They rated 27% of their crop as G/Ex, down 4% from the previous week, with 17% poor/VP. The same week last year, 45% was rated poor/VP.
Mar 24 Corn closed at $4.18 3/4, up 2 1/4 cents,
Nearby Cash was $4.00 3/4, up 2 3/8 cents,
May 24 Corn closed at $4.32 1/2, up 3 cents,
Jul 24 Corn closed at $4.43 1/4, up 3 cents,
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