Corn Showing Slight Losses on Friday Morning
Overnight trade has corn prices slightly lower this morning. Corn finished Thursday with contracts up 1 ¾ to 5 cents across the board. Futures were helped out by spillover support from wheat and positive Export Sales data.
USDA reported corn bookings of 1.3 MMT for the week of 4/18 in this mornings’ Export Sales report. That was a 10-week high and well above the trade range of estimates. Mexico was the top buyer of 390,500 MT, with 252,000 MT sold to South Korea and 233,200 MT to Japan. New crop sales totaled 262,282 MT in that week, with most of that purchased by Mexico.
The Biden Administration is reportedly set to release the updated GREET models next Tuesday, outlining how corn will fit in the future of SAF.
The Buenos Aires Grain Exchange dropped their Argentina corn condition rating by 3% to 17% good/ex. Poor/VPoor ratings were up 4% this week to 40%. Harvest was pegged at 20% complete.
May 24 Corn closed at $4.41, up 3 1/4 cents, currently down 3/4 cent
Nearby Cash was $4.26, up 3 5/8 cents,
Jul 24 Corn closed at $4.52, up 3 1/2 cents, currently down 1/2 cent
Dec 24 Corn closed at $4.76 1/4, up 3 1/2 cents, currently down 1 cent
New Crop Cash was $4.40 3/4, up 3 1/2 cents,
On the date of publication, Alan Brugler 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.