Corn futures ended trading on Monday, with the contract halved to 5 ½ cents. Deferred new crop contracts rose fractionally to 2 1/4 cents. 448 deliveries were issued on Friday night. CmdtyView’s national average cash corn price fell 1 1/2 cents to $4.05 3/4.
Export inspection data showed that 1.858 MT (73.17 mbu) of corn was shipped in the week ended February 26. This was 8% less than last week, but still 3rd The biggest this year and a 37.41% increase over the same week last year. Mexico was the top destination at 521,921 MT, followed by South Korea at 269,686 MT and Japan at 221,965 MT. The marketing year’s shipment totaled 39.619 MMT (1.56 mbu), which is 42.29% higher than the previous year.
The USDA Grain Crushing Report from NASS showed that a total of 460.95 million bushels of corn were used for ethanol production in January, just shy of estimates. This was a 1.49% decrease from a year ago and a 4.5% decrease from the December revision (~5 mbu lower) total.
Brazil’s first-season corn harvest is now 36% complete, according to AgRural, just shy of last year’s 46% pace. 66% of the second crop is planted in the center-south region, down from 80% by 2025. Safras & Mercado forecast Brazil’s corn crop at 141.71 MMT, down 1.17 MMT from their previous number. StoneX raised its estimate by 0.5 MMT to 136 MMT.
March 26 corn closed at $4.33 1/4, down 5 1/2 cents.
Closest cash was $4.05 3/4, down 1 1/2 cents.
May 26 corn closed at $4.45 3/4, down 2 3/4 cents;
July 26 corn closed at $4.54 1/4, down 1 3/4 cents.
As of the date of publication, Austin Schroder had no positions (either directly or indirectly) in the securities mentioned in this article. All information and data in this article is for informational purposes only. This article was originally published on Barchart.com
