Corn Posting Early Turnaround Tuesday Gains

Corn price action is up 1 to 2 cents in the front months on Tuesday morning. Futures settled the Monday session with contracts down 1 to 2 cents at the close. Open interest was up 5,170 contracts on Monday, as the roll out of March continues, down 30,801 contracts. The CmdtyView national average Cash Corn price was down 1 1/2 cents at $3.95 1/4. 

Export Inspections data showed corn shipments at 1.308 MMT (51.49 mbu) shipped in the week that ended on February 5. That was up 14.01% from the week prior, but down 4.19% the same week last year. Mexico was the top destination of 476,628 MT, with 187,063 MT to Japan and 135,816 MT to Colombia. Marketing year shipments have totaled 33.93 MMT (1.336 bbu), which is up 46.72% yr/yr.
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USDA’s WASDE will be out later this morning, with traders looking for no major changes to the US ending stocks number, with an average trade guess of 2.215 bbu according to a Bloomberg survey. The world numbers are expected to see an update, with Brazil corn production estimated up 1.3 MMT to 132.3 MMT.

Mar 26 Corn  closed at $4.28 3/4, down 1 1/2 cents, currently up 2 cents

Nearby Cash  was $3.95 1/4, down 1 1/2 cents,

May 26 Corn  closed at $4.37, down 1 3/4 cents, currently up 1 3/4 cents

Jul 26 Corn  closed at $4.43 3/4, down 1 1/2 cents, currently up 1 1/2 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.

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