Nickel Gain for Corn Futures
The corn futures were 3 ½ to 5 ¼ cents higher on at the close. The May contract was up by as much as 9 cents on the day. Old crop futures led the way, though Dec remains a 33c premium to May.
USDA flashed a 110k MT old crop corn sale to Taiwan this morning. Wire sources had China locking in 20 cargoes (~1.2 MMT) of grain import purchases, including corn, barley, and sorghum.
The weekly Export Inspections data showed 1.083 MMT of corn was shipped during the week that ended 2/29. That was down from 1.3 MMT last week, but remains ahead of last year. Japan and Mexico were the top destinations. Accumulated corn shipments reached 20.6 MMT vs 15.33 MMT at the same point last season.
Mar 24 Corn closed at $4.17 1/2, up 5 1/4 cents,
Nearby Cash was $4.01, up 5 1/4 cents,
May 24 Corn closed at $4.30, up 5 1/4 cents,
Jul 24 Corn closed at $4.41 1/4, up 5 cents,
Dec 24 Corn closed at $4.63, up 3 3/4 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.
