Corn Bulls Gaining Some Steam on Friday Morning
Corn futures are showing 3 to 4 cent gains so far on Friday. Bulls fought off the weakness on Thursday, as contracts closed with nearbys within a penny of unchanged. Preliminary open interest was down 6,778, mainly on an exit of September (22,873 contracts). The CmdtyView national average Cash Corn price was up 3/4 cent at $3.57 1/4.
USDA reported private export sales announcements of 136,000 MT to South Korea and 132,000 MT to Spain all for new crop on Thursday morning.
Thursday morning’s Export Sales report showed net reductions of 88,686 MT for old crop corn during the week of 8/7. That was a MY low, but is normal as we are in the last month of the marketing year. Japan was the buyer of 136,900 MT, with 88,200 MT sold to Spain, as unknown saw net reductions of 353,800 MT (mostly switched). New crop was tallied at 2.04 MMT, was the second largest total for the marketing year. That takes the total to 13.825 MMT, which is the second largest on record for this week. Mexico was the buyer of 498,400 MT, with 356,200 MT sold to unknown destinations.
CONAB estimates the Brazilian corn crop at 137 MMT, which was a jump if 5.03 MMT from last month. That mainly came via a 5.02 MMT increase to the second crop at 109.56 MMT.
Sep 25 Corn closed at $3.75, up 1 cent, currently up 3 3/4 cents
Nearby Cash was $3.57 1/4, up 3/4 cent,
Dec 25 Corn closed at $3.97 1/4, unch, currently up 3 1/2 cents
Mar 26 Corn closed at $4.14, down 1 cent, currently up 3 1/2 cents
New Crop Cash was $3.54 5/8, up 1/2 cent,
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.