Corn Closed Near Highs for the Day
Tuesday corn trading ended the session with 2 ½ to 3 ½ cent gains with futures near their daily highs.
The weekly Export Inspections data showed 1.24 MMT of corn was shipped during the week that ended 3/14. That was up from 1.17 MMT the week prior and was slightly above the same week last year. USDA added 32k MT of corn exports to past weeks for a 23.1 MMT accumulated export as of 3/14. That remains 31% ahead of last year’s pace.
Brazil’s AgRural had corn harvest at 68% finished for the Center-South region, up from 57% last week and 51% at the same time last year. Thery reported 2nd crop planting at 97% complete, matching Safras reports.
Ukraine’s Ag Ministry reported grain shipments totaled 32.4 MMT, including 17.4 MMT of corn, for the season-to-date. That is 9.4% below last year, with corn shipments trailing last year’s pace by 17%. Ukraine’s Ag. Ministry is predicting that 2024 corn acres there will total 3.86 million hectares, down 4.5% from 2023. Shortages of labor, inputs and transport are all factors.
May 24 Corn closed at $4.39 1/2, up 3 1/2 cents,
Nearby Cash was $4.15 5/8, up 3 7/8 cents,
Jul 24 Corn closed at $4.52 1/4, up 3 1/2 cents,
Dec 24 Corn closed at $4.73 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.
