Corn futures were down 1 ¾ to 4 ¼ cents across the board on Thursday, as pressure pushed the market lower into the close. The CmdtyView national average Cash Corn price was down 3 1/4 cent to $4.22 1/2.
USDA’s Export Sales data showed 2.125 MMT in old crop corn business for the week of 5/14, exceeding estimates. That was a 17-week high and 78.5% above the same week last year. Japan was the buyer of 779,800 MT, with 463,800 MT sold to South Korea and 342,200 MT to Mexico. New crop business was tallied at 281,430 MT, the third largest total for the marketing year. Much of that was to Mexico at 255,100 MT, with 22,000 sold to unknown.
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A couple South Korean importers purchased corn overnight, with 65,000 MT via tender and 66,000 MT via a private deal.
The Buenos Aires Grain Exchange raised their estimate for the Argentina corn crop by 3 MMT to 64 MMT.
Jul 26 Corn closed at $4.62 1/4, down 3 1/2 cents,
Nearby Cash was $4.22 1/2, down 3 1/4 cents,
Sep 26 Corn closed at $4.68 1/2, down 4 cents,
Dec 26 Corn closed at $4.85, down 4 1/4 cents,
New Crop Cash was $4.38, down 3 3/4 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.