Corn Closes Monday with Strength
The corn market held onto fractional to 4 cent gains on Monday, helped by pre-report positioning and a large US export figure. CmdtyView’s national average Cash Corn price was up 3 1/2 cents at $4.32 1/2.
The USDA reported a private export sale of 126,000 MT of corn to Japan this morning for 2024/25.
This morning’s Export Inspections report showed a total of 1.819 MMT (71.64 mbu) of corn shipped in the week that ended on March 6. That was an increase of 34.54% from last week, a MY high, and 56.04% above the same week last year. The largest destination was Japan at 399,293 MT, with 391,083 MT to Mexico and 209,098 MT to South Korea. Marketing year exports are now at 29.078 MMT (1.145 bbu), which is now 33% above the same week last year.
Ahead of the USDA report on Tuesday, analysts are expecting to see a 24 mbu reduction to the US corn carryout projection, to 1.516 bbu. On the world side, traders are looking for the Argentina total to be trimmed 1 MMT to 49 MMT, with Brazil seen unchanged at 126 MMT. Analysts estimate the world carryout to be trimmed by 0.38 MMT to 289.93 MMT.
AgRural estimates the Brazilian second corn crop at 92% as of last Thursday.
Mar 25 Corn closed at $4.58 3/4, up 3 1/2 cents,
Nearby Cash was $4.32 1/2, up 3 1/2 cents,
May 25 Corn closed at $4.72, up 2 3/4 cents,
Dec 25 Corn closed at $4.55, up 3/4 cent,
New Crop Cash was $4.20 3/4, up 3/4 cent,
On the date of publication, Austin Schroeder 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.