Corn Bulls Taking Some Back Early on Wednesday
Corn futures opened stronger midweek, gaining 4–7 cents after mixed closes Tuesday. Nearby cash corn rose to $4.25¼. March exports hit 7.34 MMT, up 22% from February, while ethanol shipments reached a 7-year high. Planting lags persist in key states like Illinois and Kentucky. South Korea purchased 66,000 MT of corn, with another 140,000 MT tendered.
Corn futures are trading with contracts 4 to 7 cents in the green so far to start the midweek session. The corn market closed Tuesday mixed, with nearby contracts 1 to 2 cents higher and new crop down 1 to 2 cents. Preliminary open interest showed a rotation of ownership, up just 748 contracts. There were 13 new delivery notices against May corn futures overnight. The nearby CmdtyView national average Cash Corn price was up 1 ¾ cents at $4.25 1/4.
Crop Progress data from Monday afternoon showed some eastern and central states lagging behind, with IL and KY 12 percentage points behind normal and TN lagging by 1%. IA (-4%), MO (-3%), NC (-9%), and WI (-5%) were all behind the average planting pace.
March export data from Census was released on Tuesday morning, with corn exports totaling 7.34 MMT (289 mbu), which was a 21.7% increase from the Feb total and 24.54% above last year. That takes the marketing year total to 38.01 MMT (1.496 bbu). Exports of DDGs totaled 1.027 MMT, which was slightly below the year prior. Ethanol shipments were the largest in 7 years at 195.8 million gallons.
A South Korean importer purchased a total of 66,000 MT of corn overnight, with another tendering for 140,000 MT.
May 25 Corn closed at $4.47 1/2, up 1 cent, currently up 2 1/4 cents
Nearby Cash was $4.25 1/4, up 1 3/4 cents,
Jul 25 Corn closed at $4.55 1/2, up 1 1/4 cents, currently up 5 cents
Dec 25 Corn closed at $4.41 1/4, down 1 3/4 cents, currently up 4 cents
New Crop Cash was $4.00 5/8, down 2 1/4 cents,
To Read more about Maize News continue reading Agriinsite.com
Source : Nasdaq.com
