Thursday Gains for Corn Futures
The front month corn prices were 7 ½ to 9 ½ cents higher at the close on Thursday. May prices saw a 10 ½ cent range almost entirely in the black on the day.
The FAS weekly Export Sales data confirmed 1.11 MMT of corn was booked during the week that ended 2/29. That was a 2.5% increase from the week prior and came in at the upper end of estimates. Total commitments for the year are now at 39.227 MMT (1.544 bbu). There were no new crop corn sales made over the week, leaving the forward book at 1.62 MMT and still 3.7% ahead of the same week last year.
Ukraine’s March grain shipments were already 774k MT according to Ministry data. That compared to 641k MT during last year’s pace. Feb’s total was 5.8 MMT at +11.5% vs last year.
The official U.S. export total for January was listed at 4.3 MMT, up by 35.6% from last year.
Official Brazilian export data revealed 1.7 MMT of corn was shipped during the month of February. That compared to 2.27 MMT last year.
Mar 24 Corn closed at $4.26, up 8 cents,
Nearby Cash was $4.10 3/8, up 10 1/8 cents,
May 24 Corn closed at $4.38, up 9 1/4 cents,
Jul 24 Corn closed at $4.49 1/2, up 9 1/2 cents,
Dec 24 Corn closed at $4.69, up 8 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.
