Corn futures are trading with 3 to 5 cent losses at Thursday’s midday, as USDA showed increased world stocks. The CmdtyView national average Cash Corn price was down 4 1/4 cents at $4.03 1/2. Crude oil is back up $3.21 so far on Thursday.
South Korean importers purchased 136,000 MT of corn in tenders overnight, following the purchases from Wednesday. USDA’s flash reporting system suggested it was US origin, reporting a private export sale of 136,000 MT of corn to South Korea this morning
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Export Sales data from this morning showed 1.36 MMT in old crop corn sales for the week of April 2, on the higher side of analysts’ estimates of 0.75-1.6 MMT. That was up 18.4% from last week and 73.3% above the same week last year. New crop sales were tallied at 11,430 MT, which was in the range of expectations of 0-100,000 MT.
The USDA WASDE update showed the US corn ending stocks projection left at 2.127 bbu as the trade had suspected. The only major change was via the average cash price, up a nickel to $4.15. World ending stocks were raised by 2.06 MMT to 294.81 MMT, mainly due to a hike in India, South Africa, and Brazil. No major changes to South American production were noted.
May 26 Corn is at $4.43, down 4 1/4 cents,
Nearby Cash is at $4.03 1/2, down 4 1/4 cents,
Jul 26 Corn is at $4.54 1/4, down 3 3/4 cents,
Dec 26 Corn is at $4.73, down 3 cents,
New Crop Cash is at $4.30 3/4, down 3 1/4 cents,
On the date of publication, Austin Schroeder 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.
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