Corn futures were busy reverting from the Wednesday gains on Thursday, with contracts down fractionally in the new crop contracts to 2 3/4 cents in the nearbys at the close. The CmdtyView national average Cash Corn price was down 2 3/4 cents at $4.11.
Export Sales data from this morning showed 1.4 MMT of old crop corn business, which was a 6-week high but was 10.3% below the same week last year. Japan was the lead buyer of 339,400 MT, with 333,100 MT sold to South Korea and 168,400 MT to Mexico. New crop sales were tallied at 56,460 MT, which was all to Mexico.
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Buenos Aires Grains Exchange estimates the Argentina corn crop at 61 MMT, up 4 MMT from their previous number. That is in the direction of the Rosario Grain Exchange at 67 MMT, with the USDA down at 52 MMT.
May 26 Corn closed at $4.48 1/2, down 2 3/4 cents,
Nearby Cash was $4.11, down 2 3/4 cents,
Jul 26 Corn closed at $4.57 3/4, down 2 3/4 cents,
Dec 26 Corn closed at $4.76 3/4, down 1 1/4 cents,
New Crop Cash was $4.34 5/8, down 1 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.
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