Market Momentum
Corn trading near peak levels as the week draws to a close, posting 2 to 3 cent increases in the morning. The Thursday session wrapped up with futures climbing 1 ¼ to 3 ½ cents higher, showcasing notable volatility ranging from -2 cents to +4 ¼ cents for the day.
Increased Exports
Monthly Census data unveiled substantial growth, highlighting Feb corn export shipments at 211.4 million bushels, marking a remarkable 25% surge from January and an outstanding 64% increase from Feb ’23. DDGS exports hit 986k MT, reaching a 5-year high for the month. Additionally, ethanol shipments amounted to 139 million gallons, showing a slight 7% decline from January yet still maintaining a solid 34% rise over Feb ’23.
Market Insights
USDA reported export sales slightly below trade expectations at 948,000 MT, with active buying from Japan and Mexico. However, reductions in sales to unknown regions and Canada subtracted 258,400 MT from the total sales. USDA further confirmed this year’s largest export week, totaling 1.641 MMT. New crop sales for the week ending March 28 reached 11,400 MT.
Closing Numbers
May ’24 Corn concluded at $4.35 1/4, up 3 1/2 cents, currently showing a 2 1/2 cent increase. Nearby Cash closed at $4.15 1/1, rising 3 3/8 cents. Jul ’24 Corn ended at $4.47 1/2, with a 2 1/2 cent increase, while Dec ’24 Corn finished at $4.73 1/4, up 2 cents, currently trending 2 3/4 cents higher.
On the date of publication, Alan Brugler 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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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