Corn Pulling Back after Holiday Break

After the MLK Day holiday, corn futures are showing midday losses of up to 6 cents. USDA announced two private export sales this morning for old crop corn. Japan purchased 128k MT and Israel purchased 100k MT. USDA’s weekly Export Inspections report showed 34.517 mbu of corn shipped on the week ending 1/14. That was down on the week but more than double the 15.6 mbu LY. Mexico was the top destination for the exported corn, but Japan and Colombia were also shipped +100k MT each. MYTD corn shipments were reported at 680 mbu through the first 20 weeks. The Export Inspections report showed 159,495 MT of sorghum was exported on the week. Of that, 490 MT was for Japan, and the rest destined for China. Taiwan is tendering for 65k MT of optional origin corn. AgRural reported that 3.4% of Brazil’s first crop corn is picked. That compares to 2.5% harvested at this time last year. Initial reports from Rio Grande de Sul and Santa Catarina indicate some degree of drought related shortcomings.

Mar 21 Corn is at $5.27 1/4, down 4 1/4 cents,
May 21 Corn is at $5.29 1/2, down 5 1/4 cents,
Jul 21 Corn is at $5.26 1/2, down 5 1/2 cents,
Sep 21 Corn is at $4.80 1/4, down 5 1/4 cents,

--- provided by Brugler Marketing & Management




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