Following the modest Monday gains, corn futures are another penny to 1 ¾ cents higher so far for Tuesday. Monday’s corn session ended the day 1 to 1 ½ cents higher to start the week. March futures printed a -1 ¼ to +3 ¾ cent range. Preliminary open interest dropped 11,083 contracts overall, with longs rolling March to May and some shorts liquidating rather than rolling.
USDA’s weekly Inspections data had 880,074 MT of corn shipped during the week that ended 2/8. That was up from 645k MT the week prior and compares to 563k MT for the same week last year. The weekly update put the season’s total export at 17.19 MMT, up from 13.11 MMT at the same time last season.
Chinese futures are not trading this week due to the Lunar New Year holiday.
The BA Grain Exchange cut their estimate of Argentine corn crop conditions, with 31% rated good or excellent vs. 34% last week, but 20% during last year’s drought. Private analyst AgRural boosted their second crop Brazilian corn production estimate, citing larger than expected acreage. Improved rainfall in recent weeks may be a factor.
Mar 24 Corn closed at $4.30 1/2, up 1 1/2 cents, currently up 1 1/2 cents
Nearby Cash was $4.11, up 1 5/8 cents,
May 24 Corn closed at $4.42 1/2, up 1 cent, currently up 1 1/4 cents
Jul 24 Corn closed at $4.52 1/4, up 1 1/2 cents, currently up 1 1/4 cents
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