Corn futures saw losses on Thursday, with contracts down 1 ½ to 3 ¼ cents. The CmdtyView national average Cash Corn price was down 3 cents at $4.05 1/2. Crude oil was back up $4.06 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. That was up 18.4% from last week and 73.3% above the same week last year. Japan was the top buyer of 632,400 MT, with 202,500 MT sold to Mexico. New crop sales were tallied at 11,430 MT, all to Mexico.
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 closed at $4.44, down 3 1/4 cents,
Nearby Cash was $4.05 1/2, down 3 cents,
Jul 26 Corn closed at $4.55, down 3 cents,
Dec 26 Corn closed at $4.74 1/4, down 1 3/4 cents,
New Crop Cash was $4.31 1/2, down 2 1/2 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.