Tuesday’s corn market is set to start the day session at the overnight lows with 2 ½ to 3 cent losses. The corn futures were 3 ½ to 5 ¼ cents higher on at the close. The May contract was up by as much as 9 cents on the day. Old crop futures led the way, though Dec remains a 33c premium to May.
Traders are looking for the WASDE report to show a 17.2 mbu cut to U.S. corn stocks on average. Brazilian production is expected to come down by 1.6 MMT and the trade is looking for world carryout to tighten by 1.2 MMT.
Wire sources had China locking in 20 cargoes (~1.2 MMT) of grain import purchases over the last couple weeks, including corn, barley, and sorghum. Origins were thought to be Ukraine and the US, which was evident via the spike in sorghum sales in last week’s Export Sales report.
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.
Mar 24 Corn closed at $4.17 1/2, up 5 1/4 cents, currently down 1 1/4 cents
Nearby Cash was $4.01, up 5 1/4 cents,
May 24 Corn closed at $4.30, up 5 1/4 cents, currently down 2 1/4 cents
Jul 24 Corn closed at $4.41 1/4, up 5 cents, currently down 2 1/2 cents
Dec 24 Corn closed at $4.63, up 3 3/4 cents, currently down 3 cents
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