Nearby corn prices are trading UNCH to fractionally weaker for Tuesday’s midday. The March contract is down by 3c and is near the low for the day. New crop futures are currently UNCH.
Brazil’s AgRural reported corn planting at 27% finished as of 2/1. That was up from 11% the week prior and is running a week ahead of last year’s pace.
The weekly Export Inspections data showed 624.3k MT of corn was exported during the week that ended 2/1. 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 is at $4.39 1/2, down 3 1/4 cents,
Nearby Cash is at $4.20 1/4, down 3 3/8 cents,
May 24 Corn is at $4.51 1/2, down 1 3/4 cents,
Jul 24 Corn is at $4.61, down 1 cent,
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