The corn market was in a weaker mode on Monday, as contracts broke lower with losses of 4 to 9 cents on the session. CmdtyView’s national average Cash Corn price was down 9 cents at $4.50 3/4.
December corn has averaged $4.72 so far during February, with a few more days left for the base crop insurance price discovery. Last year’s monthly average was $4.66.
This morning’s Export Inspections report indicated a total of 1.134 MMT (44.66 mbu) of corn exported during the week of 2/20. That was a drop of 30.11% from last week and 11.99% below the same week last year. Mexico was the top destination of 315,386 MT, with 264,006 MT to Columbia, and 191,190 MT headed to Japan. Marketing year shipments have totaled 24.874 MMT (1.019 bbu) since September 1, which is 32.34% above the same period last year.
AgRural estimates Brazil’s second corn crop at 64% planted by last Thursday nearing the 5-year average pace.
Mar 25 Corn closed at $4.82 1/2, down 8 3/4 cents,
Nearby Cash was $4.50 3/4, down 9 cents,
May 25 Corn closed at $4.97, down 8 cents,
Dec 25 Corn closed at $4.70 3/4, down 4 1/4 cents,
New Crop Cash was $4.39 5/8, down 4 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
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