Mid-Session Corn Market Report for 1/25/2013
Fri 25 Jan 2013 11:17:23 CT
Related Keywords: Agriculture

March corn is trading 5 cents lower on the day after reporting worse than expected export sales data this morning. Net weekly export sales for corn, came in at 138,500 tonnes for the current marketing year and 51,300 for the next marketing year for a total of 189,800 tonnes. As of January 17th, cumulative corn sales stand at 55% of the USDA forecast for the current marketing year vs. a 5 year average of 62%. Sales of 334,000 tonnes are needed each week to reach the USDA forecast, up from 328,100 tonnes the week prior. The US remains a stiff premium to other world origins which has stifled any progress in the export market. Ethanol production data this week was considered negative to price direction as well but some traders suggest idled production is beginning to pick back up due to favorable blending margins. This could be supportive in the spring if corn usage per week begins to fall in line with the current USDA estimate of 4.5 billion bushels.


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