Corn Starting the New Week Stronger
Corn futures are trading near their highs for the session with 1 ¾ to 2 ¾ cent gains. Futures are still within Friday’s range, which had led to new LoC lows.
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, from 13.11 MMT at the same time last season.
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.
Mar 24 Corn is at $4.31, up 2 cents,
Nearby Cash is at $4.11 1/2, up 2 cents,
May 24 Corn is at $4.43 1/2, up 2 cents,
Jul 24 Corn is at $4.53 1/4, up 2 1/2 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.