Corn futures are showing 4 to 7 cent gains so far on Friday. There were 5 deliveries against March corn futures overnight. Crude oil futures are up $10.10 at midday to continue the spillover support. The CmdtyView national average Cash Corn price is up 4 1/4 cents to $4.16.
Export Sales data shows total corn export commitments at 64.982 MMT, which is now 78% of the USDA export projection, matching the average sales pace. Actual exports are 40.024 MMT according to FAS data, 48% of USDA’s number and ahead of the 40% average shipping pace.
Brazil trade data was released this morning, with February corn exports at 1.55 MMT, up 9.34% from last year but well below the January total. The Buenos Aires Grain Exchange estimates the Argentina early corn crop at 7.2% harvested, with the crop estimate still at 57 MMT.
Mar 26 Corn is at $4.45 1/2, up 4 cents,
Nearby Cash is at $4.16, up 4 1/4 cents,
May 26 Corn is at $4.58 3/4, up 5 1/4 cents,
Jul 26 Corn is at $4.69 3/4, up 7 cents,
