Corn Continuing Higher into Tuesday

Corn is beginning the Tuesday session with 1 ½ to 2 ¼ cent gains after some overnight strength. Corn prices ended the Monday session at or near the highs for the day with 6 ¾ to 8 cent gains. The May contract’s carry to March was 14 ½ cents at the close. New crop Dec remains a 50c premium to spot March prices. A large Chinese purchase of Ukrainian corn at discounted prices didn’t seem to faze Monday’s buyers. 

Dr. Michael Cordonnier estimated the preliminary 24/25 corn yield between 179 and 180 bushels/acre, which would bring ~15.05 bbu off 92m planted acres. 

The weekly Export Inspections report had 1.242 MMT of corn shipped during the week that ended 2/22. That was up from 1.05 MMT last week and was nearly double shipments from the same week last year. USDA also added ~133k MT of corn shipments to past reports, which brough the season’s total export to 19.49 MMT. That is up from 14.39 MMT ahead of last year’s pace.

 

Mar 24 Corn  closed at $4.07, up 7 1/4 cents, currently up 1 1/2 cents

Nearby Cash   was $3.89 3/4, up 7 3/8 cents,

May 24 Corn  closed at $4.21 1/2, up 8 cents, currently up 2 cents

Jul 24 Corn  closed at $4.33 3/4, up 7 1/2 cents, currently up 2 1/4 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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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