Corn Still Rallying

Corn prices are up 7 3/4 to 8 1/4 cents at midday. USDA reported corn export bookings were 1.438 MMT on the week ending 01/07. That was 83% above the same week last year and above the range of estimates. The top buyer was Japan with 401,500 MT. Total old crop commitments are now 70% of the updated export forecast. Corn shipments were reported at 1.464 MMT, which was the largest weekly export in Export Sales data since 5/23 of 2019. Sorghum bookings were reported at 190,912 MT on the week. That was a 5-week high. Unknown and China were the exclusive purchasers reported. Shipments were 74,300 MT. Rosario Grains Exchange estimates 46 MMT of 2020/21 Argentine corn output.

Mar 21 Corn is at $5.32 1/2, up 8 cents,
May 21 Corn is at $5.35 1/2, up 7 3/4 cents,
Jul 21 Corn is at $5.32 1/4, up 8 1/4 cents,
Sep 21 Corn is at $4.81, up 3 1/2 cents,

--- provided by Brugler Marketing & Management

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