Corn futures are trading with 6 to 8 ¼ cent gains across most contracts on Thursday’s midday. Crude oil is nearing the $80 level, up $4.78 at midday and providing some spillover support. The CmdtyView national averageCash Corn price is up 7 1/4 cents to $4.10 1/2.
Export Sales data for the week of February 26 from this morning showed 2.02 MMT in corn sales, exceeding analysts’ estimates of 0.6-1.6 MMT. That was nearly triple the previous week and more than double the same week last yar. New crop business was tallied at 154,000 MT, exceeding trade ideas of 0-100,000 MT.
Statistics Canada acreage intentions for this year showed corn acres at 3.846 million acres, up 1.7% from a year ago if realized.
Mar 26 Corn is at $4.40, up 8 1/4 cents,
Nearby Cash is at $4.10 1/2, up 7 1/4 cents,
May 26 Corn is at $4.50 3/4, up 7 cents,
Jul 26 Corn is at $4.60 1/4, up 6 3/4 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. This article was originally published on Barchart.com
