Corn futures ended Monday trade with fractional gains, as contracts were rallying out of the early session weakness. The CmdtyView national average Cash Corn price was up 1/2 cents at $4.29 ¼.
The Monday morning Export Inspections report showed a total of 1.463 MMT (57.6 mbu) in corn shipments during the week that ended on March 20. That was a 16.57% increase from the same week last year but down 13.54% from last week. Mexico was the top destination of 474,491 MT, with 412,434 MT headed for Japan, and 136,336 MT on its way to South Korea. Marketing year to date exports have totaled 32.268 MMT (1.27 bbu), which is up 32% from the same period last year.
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With the second crop corn in Brazil just finishing off planting, AgRural estimates the safrinha crop at 87.9 MMT. That is steady with their prior number, though they did issue concerns due to irregular rainfall. They raised the overall crop by 0.6 MMT to 121.8 MMT.
May 25 Corn closed at $4.64 1/2, up 1/4 cent,
Nearby Cash was $4.29 1/4, up 1/2 cent,
Jul 25 Corn closed at $4.72, up 1/2 cent,
Dec 25 Corn closed at $4.51 1/2, up 1/2 cent,
New Crop Cash was $4.14 1/8, up 1/2 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.
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