New Lows for Corn Futures

Corn ended the Wednesday session with 4 ¾ to 8 ¼ cent losses which pushed the board to new lows for the move and/or new contract lows. March finished at $4.11 per bushel which is now 46 ¼ cents under the Dec contract. 

While trade talk is negative about pending EPA revisions to the carbon intensity scoring model that are expected in early March, bulls noted that EPA head Regan was scheduled to appear with Ag Sec Vilsack at the Commodity Classic on March 1, stirring hopes of a positive announcement. 

The weekly Export Inspections data showed 918,610 MT of corn was exported during the week that ended 2/15. That was up from 890k MT the week prior and was 47% above the same week last year. Corn shipments read 18.12 MMT as of 2/15, and accumulated milo exports were at 3.31 MMT. 

Brazil’s Anec expects Feb corn shipments to total 716,718 MT, compared to 1.9 MMT last year. 

Safras and Mercado reduced their estimate for Brazilian corn production by 3.3 MMT to 125.9 MMT. The AgRural listed 2nd crop plantings at 59% complete, compared to 38% last week and 40% last year.  

 

Mar 24 Corn  closed at $4.11, down 7 3/4 cents,

Nearby Cash   was $3.92 1/4, down 7 1/2 cents,

May 24 Corn  closed at $4.24 1/4, down 8 1/4 cents,

Jul 24 Corn  closed at $4.35 3/4, down 7 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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