Corn is continuing to see the bulls battle back, with contracts up 1 to 6 cents so far at midday. There were 23 deliveries against March corn futures overnight. CmdtyView’s national average Cash Corn price is up 4 3/4 cents at $4.28 1/42.
Export Sales data has total corn export commitments at 49.567 MMT, which is up 26% from last year. That is also 80% of USDA’s current export forecast, ahead of the 77% average pace for this time of year.
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Ahead of the USDA report next week, analysts are expecting to see a 24 mbu reduction to the US corn carryout projection, to 1.516 bbu.
Brazilian trade data was released this morning, showing 1.432 MMT of corn exported in February, down from 1.713 MMT last year.
A South Korean importer purchased 131,000 MT of corn in a tender overnight.
Mar 25 Corn is at $4.54 3/4, up 5 1/4 cents,
Nearby Cash is at $4.28 1/4, up 4 3/4 cents,
May 25 Corn is at $4.68 1/2, up 4 1/2 cents,
Dec 25 Corn is at $4.52 1/2, up 1 1/2 cents,
New Crop Cash is at $4.17, up 2 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.
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