Corn Posts Strength on Monday
The corn market posted 4 to 5 ¼ cent on Monday, to kick off a new week of trade, with the new crop contracts leading the bull charge. The national average Cash Corn price from cmdtyView was back up 4 1/4 cents at $4.57.
USDA reported a private export sale of 365,000 MT of corn to Mexico for 2024/25 shipment this morning.
Export Inspections data showed a total of 1.334 MMT (52.52 mbu) in corn shipments during the week that ended on February 6. That was a 6.48% increase from the week prior and 49.5% larger than the same week in 2024. Mexico was the top destination of 342,641 MT, with Japan in for 231,204 MT and 188,354 MT headed to South Korea. Marketing year to date exports have totaled 23.088 MMT (909 mbu), which is up 34.15% from the same period last year.
Ahead of Tuesday’s USDA report, traders surveyed by Reuters are looking for the WASDE to show a 14 mbu cut to US ending stocks at 1.524 bbu. Estimates for Brazil production are expected to be down 0.26 MMT to 126.74 MMT, with Argentina estimates down 1.5 MMT to 49.5 MMT. World stocks are seen down 0.82 MMT to 292.52 MMT.
Brazil corn exports during January totaled 3.594 MMT, which was a 4-year low for the month. That was down 25.2% from last year and 15.75% below the previous month. AgRural pegs the Brazilian first corn crop at 18% harvested as of last Thursday, with the second crop 20% planted.
Mar 25 Corn closed at $4.91 1/2, up 4 cents,
Nearby Cash was $4.57, up 4 1/4 cents,
May 25 Corn closed at $5.04 1/2, up 4 cents,
Dec 25 Corn closed at $4.71 1/4, up 5 1/4 cents,
New Crop Cash was $4.39 1/1, up 5 1/4 cents,
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.