Corn is working at overnight highs, pushing the board another ½ cent to 1 ¾ cents higher so far after the modest Monday gains. Corn ended the Monday session off the highs, but still fractionally in the black. March printed a 4c intraday range from -1 ½ cents to +2 ½ cents.
USDA’s weekly Export Inspections data showed 713.3k MT (28.1 mbu) of corn was shipped during the week that ended 1/18. That was down 25% for the week and was 2% below the same week last year. USDA added 11.5k MT to Mexico and 59k MT to Japan from past reports, which put the season’s total export at 14.7 MMT (578.8 mbu). That remains 30% ahead of last year’s pace. Friday’s FAS data had 17.1 MMT (673 mbu) of unshipped sales on the books as of 1/11.
Algeria is tendering for 160k MT of feed corn. Wire sources had South Korea’s MFG buying 66k MT of feed corn via tender.
Brazil’s AgRural reported 2nd crop corn planting reached 4.9% of expected area for the C-S district. That compares to 1% planted at the same time last season.
Mar 24 Corn closed at $4.45 3/4, up 1/4 cent, currently up 1 3/4 cents
Nearby Cash was $4.23 1/2, up 1/2 cent,
May 24 Corn closed at $4.56 1/4, up 1/4 cent, currently up 1 cent
Jul 24 Corn closed at $4.64 3/4, up 1/2 cent, currently up 3/4 cent
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Disclosure Policy here.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
