Market Analysis
Corn wrapped up the Wednesday session with losses ranging from 4 ¾ to 8 ¼ cents, plummeting the board to the freshest lows for the move and/or new contract lows. March concluded at $4.11 per bushel, marking a grim descent of 46 ¼ cents below the Dec contract.
Trade Expectations
While trade talk is rife with pessimism regarding the imminent EPA revisions to the carbon intensity scoring model expected in early March, there are hopeful murmurs among the bullish lot. The imminent appearance of EPA head Regan alongside Ag Sec Vilsack at the Commodity Classic on March 1 has kindled a flicker of optimism for a positive announcement.
Export Insights
The weekly Export Inspections data revealed that 918,610 MT of corn were exported during the week ending 2/15, a notable increase from the 890k MT shipped the previous week and a substantial 47% surge compared to the same week last year. Cumulative corn shipments tallied up to 18.12 MMT as of 2/15, and accumulated milo exports stood at 3.31 MMT.
Brazil’s Anec anticipates Feb corn shipments to total 716,718 MT, a stark drop from 1.9 MMT the previous year. On the home front, Safras and Mercado have slashed their estimate for Brazilian corn production by 3.3 MMT to 125.9 MMT. The AgRural figures peg second crop plantings at 59%, a stark improvement from 38% last week and 40% last year.
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.