Corn prices are up 2 to 5 cents so far on the last session of the week. Crude oil is up another $5.32 on Friday morning to provide some more spillover support. Futures closed out Thursday trade with most contracts 6 to 9 ¾ cents higher. Some deferred contracts were steady to 4 ¾ cents in the green. Open interest suggested net new buying, up 45,500 contracts on Thursday. There were 5 deliveries against March corn futures overnight. Excellent Export Sales data and a crude oil market rallying $4.23 provided some support. The CmdtyView national average Cash Corn price was up 9 1/2 cents to $4.12 3/4.
Export Sales data for the week of February 26 from this morning showed 2.02 MMT in old crop corn sales. That was nearly triple the previous week and more than double the same week last year. South Korea was the top buyer of 530,300 MT, with 225,000 MT sold to Colombia, and 224,700 MT to Mexico. New crop business was tallied at 154,000 MT, all to Japan.
Brazil trade data was released this morning, with February corn exports at 1.55 MMT, up 9.34% from last year but well below the January total. The Buenos Aires Grain Exchange estimates the Argentina early corn crop at 7.2% harvested, with the crop estimate still at 57 MMT.
Statistics Canada acreage intentions for this year showed corn acres at 3.846 million acres, up 1.7% from a year ago if realized.
Mar 26 Corn closed at $4.41 1/2, up 9 3/4 cents, currently up 5 1/4 cents
Nearby Cash was $4.12 3/4, up 9 1/2 cents,
May 26 Corn closed at $4.53 1/2, up 9 3/4 cents, currently up 4 cents
Jul 26 Corn closed at $4.62 3/4, up 9 1/4 cents, currently up 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.
