Turnaround Tuesday in Early Corn Trading
Corn futures are currently back up by 1 ½ to 2 ¾ cents and seeking a turnaround Tuesday. The corn market was down by 1 ¾ to 5 ¼ cents to start the week. March futures saw a 7 ¾ cent range for the day, before closing 3c off the low. There were 390 delivery notices against December corn overnight, with ADM stopping 42 for the house account. The warehouse receipts are all in Cargill facilities at Seneca and Meredosia, IL.
The weekly Export Inspections data showed 711,733 MT (28.02 mbu) of corn was shipped during the week that ended 12/07. That was below the 1.2 MMT last week but compares to 517k MT during the same week last year. USDA had the season’s total at 9.18 MMT (361.4 mbu) compared to 7.17 MMT (282.2 mbu) at the same point last season. Milo exports YTD are 1.426 MMT compared to just 357k MT during the 22/23 season.
AgRural in Brazil estimates that first crop corn planting is 95% completed, compared to last year’s historically fast pace at 96%.
Mar 24 Corn closed at $4.81 1/2, down 4 cents, currently up 2 3/4 cents
Nearby Cash was $4.51 3/8, down 3 1/2 cents,
May 24 Corn closed at $4.94, down 3 1/2 cents, currently up 2 cents
Jul 24 Corn closed at $5.03 1/2, down 2 1/2 cents, currently up 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.
