The corn market is showing a slight pull back to start Wednesday, with contracts fractionally to 1 ¼ cents lower. Corn futures posted 3 to 7 cent gains on Tuesday, as nearby March closed a dime off $5 and other nearbys close near that mark. The national average Cash Corn price from cmdtyView was up 5 3/4 cents at $4.55 3/4.
Export Inspections data showed a total of 1.541 MMT (60.68 mbu) of corn shipped in the week that ended in January 16. That was more than double the same week last year and 6.88% above the week prior. Japan was the top destination of 405,010 MT, with 347,525 MT headed to Mexico and 274,155 MT to South Korea. Marketing year shipments have totaled 19.25 MMT (757.8 mbu), a 30.54% increase from last year.
A South Korean importer purchased a total of 136,000 MT of corn overnight.
AgRural estimates the first corn crop at 4.1% harvested as of last Thursday in the Center-South region of Brazil. The second crop was listed at 0.3% planted.
Mar 25 Corn closed at $4.90, up 5 3/4 cents, currently down 1/2 cent
Nearby Cash was $4.55 3/4, up 5 3/4 cents,
May 25 Corn closed at $4.99 3/4, up 6 3/4 cents, currently down 1 1/4 cents
Dec 25 Corn closed at $4.59 3/4, up 3 3/4 cents, currently down 3/4 cent
New Crop Cash was $4.31 3/4, up 3 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. For more information please view the Barchart Disclosure Policy here. More news from Barchart- Grains and Oilseeds in Q4 and 2024- Where are they Heading in 2025?
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