Corn price action is mixed early on Friday, morning, with the now in-delivery May down 1 ¼ cents and other contracts 2 to 3 cents higher. Futures posted modest losses to close out April with contracts ¼ to 3 ½ cents. There were 19 delivery notices on First Notice Day for May futures. Preliminary open interest was up 9,485 contracts on Thursday, mainly in the new crops. The CmdtyView national average Cash Corn price was down 2 1/2 cents at $4.32 3/4.
A large portion of the Corn Belt should be able to get some crop in the ground over the next 5 days. Day 6 and 7 of NOAA’s 7-day QPF shows 1 to 1.5 inches of rain expected in much of MO and the ECB.
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USDA’s Export Sales report released on Thursday indicated 1.598 MMT of old crop corn sales in the week of 4/23. That was the largest sales total since late February. Colombia was the top buyer of 420,300 MT, with 261,400 MT to Mexico, 239,300 MT to Venezuela, and 224,400 MT to unknown. New crop business was at 0, compared to estimates of 0-500,000 MT. That was the first week of no new crop business in 13 weeks.
The US House of Representatives passed its version of the farm bill on Thursday without language that would allow E15 sales year around. The bill now moves onto the senate, with any E15 legislation pushed back to a separate vote sometime in May.
May 26 Corn closed at $4.64 3/4, down 1 3/4 cents, currently down 1 1/4 cents
Nearby Cash was $4.32 3/4, down 2 1/2 cents,
Jul 26 Corn closed at $4.74 3/4, down 3 cents, currently up 2 3/4 cents
Dec 26 Corn closed at $4.94 1/4, down 3 1/2 cents, currently down 2 1/2 cents
New Crop Cash was $4.51 1/8, down 3 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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