Corn Rallies Out of Reports
Corn futures shot higher after NASS released data near midday. Current prices are working at or near their highs for the day with double digit gains of as much as 17 ¼ cents.
NASS data showed corn stocks were counted at 8.347 bbu as pf March 1st, including 5.079 bbu on farms and 3.27 bbu off farms. The trade was looking for stocks to come in near 8.45 bbu, which was a pleasant surprise and implied a 3.823 bbu Q2 demand. That was up from 3.417 bbu last year.
Prospective plantings data from NASS had corn area at 90.04 million acres which was down 4.61 million acres yr/yr vs the 2.84 million acre drop expected on average. The largest drop was 700k acres in MN, though IA/IL/IN/MO/OH and SD were each 300k acres lower yr/yr.
Weekly Export Sales data showed 1.206 MMT of corn was sold during the week that ended 3/21. That was at the top end of estimates led by sales to Mexico and Canada.
May 24 Corn is at $4.27 3/4, up 1 cent,
Nearby Cash is at $4.05 1/4, up 3/4 cent,
Jul 24 Corn is at $4.39 3/4, up 1/2 cent,
Dec 24 Corn is at $4.61 3/4, down 1/2 cent,
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.