Corn Jul '19 (ZCN19)
Corn Futures Market News and Commentary
Front month corn futures saw some profit taking on Thursday after the runup from the first 3 days this week. At the closing bell for, futures were down 5 3/4 to 7 cents, with Sept and Dec the weakest. Private exporters reported a 202k MT sale of new crop corn to China. In this morning’s Export Sales report, corn bookings were 623,781 MT (24.577 mbu). That came via 14.21 mbu old crop sales, which were below estimates, and 10.34 mbu of new crop sales. Cumulative commitments through the first 43 weeks of the MY reached 1.666 bbu. That is down 13.5% yr/yr and 93.8% of the forecasted export total (5-yr avg is 100%). Census data through May show official corn exports MYTD are 1.228 bbu. May corn shipments were 224 mbu, which was 20% above 18/19. That was the second largest total for May on record. May DDG exports were a MY low, and a 10-year low for May at 601,029 MT. Ethanol shipments told a similar story, as the 67.5m gallons of ethanol shipped in May was the lowest for the month since... Read more
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