Corn Futures Higher

Corn futures are 3 to 6 cents higher this morning. Thursday afternoon selling left old crop corn futures 1 1/2 to 4 cents weaker, with March at $5.46 1/4. A sharp rally in the US dollar didn’t help the bulls. There have still been zero deliveries against March futures. New crop futures maintained gains, as the bidding war for US acreage continues. Dec ended up 2 cents to $4.75 1/2. 

USDA’s weekly Export Sales report showed corn bookings were well below expectations with a net 115,888 MT booked in the week ending 2/25. New crop corn sales were also a low 38,839 MT. Commitments to unknown destinations were cut by 1.767 MMT vs. last week. The week’s corn export shipments were a MY high of 2.01 MMT. Marketing YTD corn exports are now  26.17 MMT (1.03 bbu). That is 39.6% of USDA’s Feb forecast, and commitments sit at 89.5% of the full year corn export forecast. Algeria is tendering for 30,000 MT of optional origin corn. S. Korea purchased 68k MT of optional origin corn in their international tender.

Ahead of USDA’s March WASDE forecast on Tuesday, analysts surveyed anticipate on average a 42 mbu cut to old crop ending stocks. World corn carryout is expected to reflect that with an average expected drop of 2 MMT.

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