Corn futures are showing mixed trading with contracts at one cent unchanged as the first few months are weaker. CmdtyView’s national average cash corn price rose 3/4 cents to $4.15 3/4. Crude oil was up $10.54 at midday, following President Trump’s address to the nation Wednesday night, which signaled 2-3 more weeks of strikes and an uncertain fate for the Strait of Hormuz. The market is closed on Friday in commemoration of Good Friday.
Export sales data this morning showed 1.15 million tonnes for old crop deals in the week ending March 26, amid traders seeking between 0.9 and 1.6 million tonnes. That was down 5.6% from last week and down 2% from the same period last year. The new crop business exceeded new crop estimates of 0-100,000 MT to 102,609 MT.
The USDA Grain Crushing report showed corn crushed in February was 424.8 million bushels. That was an increase of 0.73% from last year, but down 8% from January. Corn used for ethanol production during the marketing year now totals 2.744 million bushels, 7 mbu less than a year ago. The USDA balance sheet calls for an increase of 111 mbu year over year.
Monthly census export data showed a total of 6.77 million tonnes (266.5 mbu) of corn exported in February, a record for the month and 2.44% above January. Distillery exports increased 8.26% from the previous year to 919,855 MT. Ethanol shipments hit a record high in February: 794.45 million gallons.
On May 26, corn is at $4.53 1/4, one cent less.
Nearby cash is at $4.14 3/4, down 1 cent,
July 26 Corn is $4.64 1/2, down 1/2 cent.
December 26 Corn is at $4.82 1/2, up 1 1/4 cents.
New Crop Cash is at $4.39 1/4, up 1 1/4 cents,
As of the date of publication, Austin Schroeder had no (directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article are for informational purposes only. This article was originally published on Barchart.com