Corn futures are showing mixed trade with contracts within a penny of unchanged, as the front months are weaker. The CmdtyView national average Cash Corn price was up 3/4 cent at $4.15 3/4. Crude Oil is up $10.54 higher at midday, following President Trump’s address the nation on Wednesday night that indicated 2-3 weeks more of strikes and an uncertain fate to the Strait of Hormuz. The market is closed on Friday in observance of Good Friday.
Export Sales data from this morning showed 1.15 MMT for old crop business in the week ending on 3/26, in the middle of traders looking for 0.9-1.6 MMT. That was down 5.6% from last week and 2% below the same period last year. New crop business exceeded the new crop estimates of 0-100,000 MT at 102,609 MT.
USDA’s Grain Crushing report showed February corn grind at 424.8 million bushels. That was a 0.73% jump from last year but down 8% from January. Marketing year corn used for ethanol now stands at 2.744 billion bushels, down 7 mbu from a year ago. USDA’s balance sheet is calling for a 111 mbu increase yr/yr.
Monthly export data from Census showed a total of 6.77 MMT (266.5 mbu )of corn exported in February, a record for the month and 2.44% above the January. Distillers exports were up 8.26% vs. a year ago at 919,855 MT. Ethanol shipments were a February record 794.45 million gallons.
May 26 Corn is at $4.53 1/4, down 1 cent,
Nearby Cash is at $4.14 3/4, down 1 cents,
Jul 26 Corn is at $4.64 1/2, down 1/2 cent,
Dec 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,
