Strong Start for Tuesday Corn Trading

Corn futures are set to follow the mostly UNCH Monday with prices 1 to 2 cents higher early in the Tuesday session. Monday’s session started lower though the bull made a stand and ended the session fractionally mixed to 1 ¼ cents higher. The new crop contracts were firmer at the close leaving the Mar-Dec spread at 35 cents. 

The weekly Export Inspections data showed 624.3k MT of corn was exported during the week that ended 2/1. That was down 33% from the week prior, but was 26% above the same week last year. Mexico was the top destination. Accumulated corn exports were pegged at 641.2 mbu as of February 1, a 30% lead over last year’s pace. 

According to industry surveys, traders are expecting USDA’s Feb reports to tighten the 23/24 U.S. corn carryout by 12.7 mbu on average. Corn exports on average are expected to be raised by 7.8 mbu going into the report. Global corn carryout is expected to tighten 600k MT on average with a 2.2 MMT smaller Brazilian crop expected. 

Government reporting had Ukrainian sea exports out of Odesa port at over 20 MMT since August, including 14.3 MMT of grain. Jan’s grain shipments out of Odesa reached 6.3 MMT, which was reportedly on par with pre-war levels. 

Mar 24 Corn  closed at $4.42 3/4, unch, currently up 1 1/4 cents

Nearby Cash   was $4.24 1/2, down 1/8 cent,

May 24 Corn  closed at $4.53 1/4, down 1/4 cent, currently up 1 1/2 cents

Jul 24 Corn  closed at $4.62, down 1/2 cent, currently up 1 3/4 cents

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