Monday’s corn futures market is trading with a penny to 3 cent gains so far at midday. Futures were up by as much as 11 cents earlier in the session. CME added another 113 March corn deliveries overnight. SG Americas issued most of them, with ADM the largest stopper. MTD corn deliveries totals 116 contracts.
USDA flashed a 110k MT old crop corn sale to Taiwan this morning. Wire sources had China locking in 20 cargoes (~1.2 MMT) of grain import purchases, including corn, barley, and sorghum.
The weekly Export Inspections data showed 1.083 MMT of corn was shipped during the week that ended 2/29. That was down from 1.3 MMT last week, but remains ahead of last year. Japan and Mexico were the top destinations. Accumulated corn shipments reached 20.6 MMT vs 15.33 MMT at the same point last season.
The monthly Grain Crush report had 433.6 mbu of corn processed for ethanol during the month of Jan. That was under the average trade estimate and a 10.4% drop from the month prior. Jan ’23 ethanol grind was 440.96 mbu. The marketing year total corn draw reached 2.266 bbu through January.
Mar 24 Corn is at $4.15 1/4, up 3 cents,
Nearby Cash is at $3.99 5/8, up 2 7/8 cents,
May 24 Corn is at $4.27 3/4, up 3 cents,
Jul 24 Corn is at $4.39 1/4, up 3 cents,
Dec 24 Corn is at $4.61, up 1 3/4 cents,
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