Corn Holding Slight Losses at Midday
Corn futures are following up Wednesday’s weakness with fractional to 1 cent losses across the front months on Thursday.
This morning’s Export Sales report indicated 167,864 MT of corn sold for old crop shipment in the week that ended on July 25. That was marketing year low and shy of estimates of 275,000 MT to 600,000 MT. New crop bookings totaled 710,888 MT, on the higher side of the expected 400,000 to 800,000 MT for that week and the second largest total for the MY. Mexico (218,300 MT) and unknown destinations (213,700 MT) were the top buyers.
Brazil’s total 2024/25 corn crop is estimated at 123.14 MMT according to StoneX, a slight increase from the 23/24 projection at 121.8 MMT.
Sep 24 Corn is at $3.81 3/4, down 1 cent,
Nearby Cash is at $3.72 5/8, down 1 cents,
Dec 24 Corn is at $3.98 3/4, down 1 cent,
Mar 25 Corn is at $4.15 1/4, down 1/2 cent,
New Crop Cash is at $3.61 1/2, up 3/4 cent,
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.