Corn prices are trading over 1% higher with 5 to 8 cent gains ahead of the release of the weekly USDA Export Sales report to start Thursday. The midweek corn trade was a mostly tight range around UNCH, but afternoon strength developed and pushed futures 1 ¼ to 4 ½ cents higher for the close. May was just ¾ of a cent off the day’s high for the settle. May stayed in a 6 ¼ cent range during Wednesday.
There were 30 deliveries vs. March corn overnight, with ADM stopping 4 for the house account.
Traders are looking for the weekly Export Sales data to show between 800k MT and 1.4 MMT of old crop corn was sold during the week that ended 2/29. New crop bookings are expected to be below 100k MT.
Ukraine’s March grain shipments were already 774k MT according to Ministry data. That compared to 641k MT during last year’s pace. Feb’s total was 5.8 MMT at +11.5% vs last year.
Official Brazilian export data revealed 1.7 MMT of corn was shipped during the month of February. That compared to 2.27 MMT last year.
The weekly EIA Ethanol stocks grew by 29k barrels to 26.051 million.
Mar 24 Corn closed at $4.18, up 4 1/2 cents, currently up 8 cents
Nearby Cash was $4.00 3/8, up 3 cents,
May 24 Corn closed at $4.28 3/4, up 2 1/2 cents, currently up 7 cents
Jul 24 Corn closed at $4.40, up 2 1/2 cents, currently up 6 1/2 cents
Dec 24 Corn closed at $4.61, up 1 3/4 cents, currently up 5 cents
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