Corn Futures Market News and Commentary
Thursday corn futures are in the black with 2 to 5 3/4 cent gains. Basis continues to be 8 to 10 cents firmer than average due to the depressed futures prices. USDA’s weekly Export Sales report showed lower than the anticipated new crop corn sales. At 655,440 MT, new crop bookings were up 60% wk/wk and 392% above the same week last year. Accumulated NMY corn sales are 5.362 MMT, which is 60% above forward bookings ahead of the 19/20 MT. Old crop export sales were 981,068 MMT pushing accumulated commitments to 1.712 bbu. With 8 weeks to go commitments are at 96.5% of USDA’s MY forecast. That compares to last year, when accumulated commitments through week 45 were 93% of USDA’s forecast.
Sep 20 Corn is at $3.32, up 5 3/4 cents,
Dec 20 Corn is at $3.39, up 5 cents,
Mar 21 Corn is at $3.49 1/2, up 5 cents,
May 21 Corn is at $3.56, up 4 1/4 cents,
--- provided by Brugler Marketing & Management