Corn was in rally mode on Tuesday, kicking off the week with gains to 4 to 7 cents across most contracts. March rallied through $5, to close above the level for the first time since October 2023. The CmdtyView national average Cash Corn price was up 6 cents on Friday at $4.69 3/4.
This morning’s Export Inspections report from USDA showed 1.611 MMT (63.44 mbu) of corn shipped in the week that ended on February 13. That was a 53.15% increase from the same week last year and 18.91% above the previous week. Mexico was the largest destination of 671,925 MT, with 254,389 MT to Japan, 207,775 MT headed to Vietnam and 207,160 MT to South Korea. That brought the marketing year total to 24.73 MMT (973.5 mbu), which is 35.4% above the same week in 2024.
Brazil’s AgRural estimates the first corn crop harvest at 29% complete as of last Thursday, with the second corn crop 36% planted. February corn exports out of Brazil are estimated to total 1.28 MMT according to ANEC, down from 1.3 MMT in their previous estimate. A Taiwan importer has issued a tender to buy 65,000 MT of corn, with a Wednesday deadline.
Mar 25 Corn closed at $5.02, up 5 3/4 cents,
Nearby Cash was $4.69 3/4, up 6 cents,
May 25 Corn closed at $5.15 3/4, up 7 cents,
Dec 25 Corn closed at $4.77 1/2, up 4 1/2 cents,
New Crop Cash was $4.46, up 4 3/4 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.
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