Corn Ticking Higher to Start Report Day
Corn prices are up 2 to 2 ½ cents this morning as the trade preps for today’s USDA reports. Futures closed out the Pre-WASDE trade session on Thursday with prices down 1 to 2 ¾ cents across most contracts. A few deferreds were steady to 1 ¼ cents higher.
Thursday’s Export Sales report showed corn bookings totaling 889,185 MT in the week that ended on May 2, in the middle of trade estimates. That was a 17.2% increase from last week and the largest total for this particular week in the last decade. Mexico was the top buyer of 193,400 MT, with 118,200 MT sold to Japan. New crop sales were tallied at just 49,130 MT.
Analysts are expecting on average for USDA to trim old crop US corn stocks 28 mbu to 2.094 bbu. The new crop balance sheet is expected to be a little more bearish, with production estimated at 14.869 bbu and carryout at 2.282 bbu. World ending stocks ideas for 23/24 are pegged at 314.9 MMT, a 3.4 MMT cut from April. The 24/25 carryout is expected to build to 319 MMT.
May 24 Corn closed at $4.42 3/4, down 2 3/4 cents, currently up 3/4 cents
Nearby Cash was $4.34 1/2, down 2 cents,
Jul 24 Corn closed at $4.56 1/2, down 2 cents, currently up 2 1/4 cents
Dec 24 Corn closed at $4.80, down 1 1/4 cents, currently up 2 cents
New Crop Cash was $4.43 1/4, down 1 1/4 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.