After printing new contract lows in the overnight trade, corn futures are trading 4 to 6 cents in the black at midday. That has March up by a dime from the day’s low. Open interest continues to increase, rising 10,151 contracts on Monday.
The weekly Export Inspections report confirmed 901,958 MT (35.5 mbu) of corn was shipped during the week that ended 1/25. That was up 21% for the week and was 66% above the same week last year. USDA had the accumulated export total at 15.64 MMT (615 mbu) through Jan 25, which is 30% ahead of last year’s pace.
Safras and Mercado reported Brazil’s 1st crop corn harvest at 15.3% complete, compared to 12% last year and 10.2% on average. The second crop planting has reached 3.97m HA per Safras. AgRural estimates that it is 11% completed.
Mar 24 Corn is at $4.46 1/2, up 6 1/4 cents,
Nearby Cash is at $4.25 1/2, up 6 1/4 cents,
May 24 Corn is at $4.56 3/4, up 6 1/4 cents,
Jul 24 Corn is at $4.65 1/2, up 6 1/4 cents,
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