Corn futures are showing gains of 1 to 3 ¾ cents so far on Friday. March options expire today. Spillover support from double digit gains in wheat is helping. The CmdtyView national average Cash Corn price is up 1 3/4 cent to $3.94 1/4. With just a little over a week left in the Crop Insurance price discovery, the average December corn close has been $4.60, down a dime from the same period last year.
Export Sales data continues to show strong export sales, with old crop corn sales at 1.47 MMT in the week of 2/12, in the middle of the 0.6 and 2.2 MMT estimates. That was down from last week, but still 1.1% above the same week last year. New crop sales were at 65,700 MT in that week.
A South Korean importer purchased a total of 132,000 MT in a tender overnight.
Mar 26 Corn is at $4.27 1/2, up 1 3/4 cents,
Nearby Cash is at $3.94 1/4, up 1 3/4 cents,
May 26 Corn is at $4.39 3/4, up 3 1/2 cents,
Jul 26 Corn is at $4.48 1/4, up 3 3/4 cents,
