Corn Rallying Back on Thursday
The corn market is trading with 4 to 8 cent gains so far on Thursday, as futures take back much of the Wednesday weakness. The CmdtyView national average Cash Corn price is up 5 1/2 cents at $4.28 3/4.
This morning’s Export Sales report showed 967,348 MT of corn sold in the week ending on 3/6, in the middle of estimates looking for 0.75 and 1.4 MMT in old crop corn bookings. That was a 3-week high, but still 24.6% below the same week last year. Mexico was still the largest buyer of 431,600 MT in the back and forth tariff week, with 194,100 MT sold to Japan. Unknown destination saw net reductions of 285,900 MT, mostly switched to a destination. New crop sales were tallied at 13,399 MT, vs. estimates of between 0 and 100,000 MT.
Several South Korean importers purchased corn in tenders and private deals overnight, totaling 262,000 MT, with another importer tendering for 140,000 MT.
The Rosario Grains exchange cut back its Argentina corn estimate by 1.5 MMT ton 44.5 MT. CONAB’s latest update to the Brazilian corn crop showed a 122.76 MMT estimate, up 0.75 MMT, even as the second crop was trimmed 0.54 MMT to 95.51 MMT
Mar 25 Corn is at $4.56 1/4, up 7 1/2 cents,
Nearby Cash is at $4.28 3/4, up 5 1/2 cents,
May 25 Corn is at $4.66 1/4, up 5 1/2 cents,
Dec 25 Corn is at $4.52 3/4, up 4 1/2 cents,
New Crop Cash is at $4.16 1/1, up 4 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.
