Corn Higher Following Presidents Day

Corn futures come out of the extended weekend with 2 1/2 to 3 3/4 cent gains. There was active rolling of March positions to May as we approach options expiration and futures deliveries in two weeks. The Export Inspections report with data from the week ending 02/13 listed corn exports at 795,228 MT. The 31.307 mbu was 262,942 bushels more than last week’s shipments. The same week last year shipped 5.771 mbu more. Accumulated exports from the report were at 484.57 mbu, which is 50.88% of last year’s shipments through the same time. MYTD sorghum shipments are 62.8% above last year’s total through the same week. USDA’s long-term projections for 2020/21 indicate 94.5 million acres for corn. The forecasted ending stocks are 825 mbu higher than the projected ending stocks for 19/20 MY, as the USDA projects a 2.754 bbu carryout for new crop corn.

Mar 20 Corn is at $3.81 1/2, up 3 3/4 cents,

May 20 Corn is at $3.85 1/2, up 3 1/2 cents,

Jul 20 Corn is at $3.88 3/4, up 3 1/4 cents,

Sep 20 Corn is at $3.86 3/4, up 2 1/2 cents,

--- provided by Brugler Marketing & Management

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