Corn Finished Higher on Tuesday
The front month corn futures market had rallied by 3 cents. May prices finished 3 cents off their highs. A large Chinese purchase of Ukrainian corn at discounted prices didn’t seem to faze Monday’s buyers.
AgRural reported Brazil’s corn planting at 73% for second crop, which is up from 59% last week and compares to 56% at the same time last year. First crop harvest reached 42% complete as of 2/22, which remains ahead of the 27% pace last year.
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 $4.08 1/4, up 1 1/4 cents,
Nearby Cash was $3.91 1/2, up 2 5/8 cents,
May 24 Corn closed at $4.23 1/2, up 2 cents,
Jul 24 Corn closed at $4.36, 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.
