Corn Pit May '14 (CK14)
Corn (Pit) Futures Market News and Commentary
Corn futures are trading with Thursday losses of 5 to 6 cents across most contracts, as the world competition has grown in USDA’s balance sheet. The CmdtyView national average Cash Corn price is down 5 cents at $3.81 1/4.Â
Export Sales data from this morning indicated 1.00 MMT of old crop corn business in the week of June 4, which fell between trade ideas of 0.7 and 1.6 MMT. That was a 13.3% increase from last week and 26.4% larger than the same week last year. New crop sales were seen at 926,645 MT, which exceeded the trade estimated range of 200,000 to 500,000 MT. That takes the total for the new crop business to 4.124 MMT, a 31.6% increase from the same point last year.Â
USDA’s monthly WASDE report showed the old crop US ending stocks number at 2.145 bbu, a 3 mbu increase from last month. Corn used for ethanol was dropped by 25 mbu, with exports offsetting that with a 25 mbu increase. Imports were raised by 3 mbu. That 3 mbu carried through to the next marketing year,... Read more
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