The morning corn market is trading near the session highs with 2 to 3 cent gains into the last trade day of the week. Corn futures ended 1 ¼ to 3 ½ cents higher after the Thursday session. Futures traded from -2c to +4 ¼ cents for the session. Traders continue to flee the May contract, with open interest dropping 11,030 contracts yesterday. They weren’t rolling to July, where OI was also down 5,583.
Monthly Census data confirmed Feb corn export shipments were 211.4 mbu which was a 25% increase over January and a 64% increase from Feb ’23. DDGS exports were 986k MT and a 5-yr high for the month. Census had ethanol shipments at 139m gallons, a 7% dip from Jan but still 34% over Feb ’23.
USDA reported export sales on the low end of trade (948,000 MT). Japan and Mexico were active buyers, but reductions of 258,400 MT in sales to unknown and Canada reduced the total. USDA confirmed the largest export week of the year, at 1.641 MMT. New crop sales in the week ending March 28 totaled 11,400 MT.
May 24 Corn closed at $4.35 1/4, up 3 1/2 cents, currently up 2 1/2 cents
Nearby Cash was $4.15 1/1, up 3 3/8 cents,
Jul 24 Corn closed at $4.47 1/2, up 2 1/2 cents, currently up 2 1/2 cents
Dec 24 Corn closed at $4.73 1/4, up 2 cents, currently up 2 3/4 cents
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