After printing new contract lows in the overnight trade, the rest of the Tuesday session saw corn futures rally 5 ¾ to 8 ¼ cents and close near the session highs. That resulted in a lower low, higher high and a net gain for the March contract. March is also now net higher for the week’s move. 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 closed at $4.47 3/4, up 7 1/2 cents,
Nearby Cash was $4.26 3/4, up 7 1/2 cents,
May 24 Corn closed at $4.58 3/4, up 8 1/4 cents,
Jul 24 Corn closed at $4.67 1/4, up 8 cents,
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