Midday Gains for Corn Futures

The lead month corn market is back above the $4 mark as futures are up 3 to 4 ½ cents so far through midday. Preliminary open interest showed net new selling, down 12,518 contracts for on Friday. 

Polish protestors reportedly vandalized rail cars loaded with Ukrainian grain, reportedly destroying 160 MT. The spilled grain was reported as corn. Reporters mentioned this was the 4th incident, though that the other 3 had taken place at the border. 

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.

Milo shipments from the weekly inspections report had 126,567 MT For the week that ended 2/22. That was down from 315k MT last week, but was slightly up from 106k MT during the same week last year. Cumulative sorghum exports are 450% ahead of last year with 3.4 MMT shipped out. 

Mar 24 Corn  is at $4.03, up 3 1/4 cents,

Nearby Cash   is at $3.85 1/8, up 3 5/8 cents,

May 24 Corn  is at $4.18 1/4, up 4 3/4 cents,

Jul 24 Corn  is at $4.30 3/4, up 4 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.

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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