Corn Futures Market News and Commentary
At the close on Thursday, corn futures were mixed. Old crop prices ended the session 2 3/4 to 4 cents in the red, but May breached $6 overnight. New crop futures closed 1 to 2 1/4 cents higher. The new crop soy/corn ratio was 2.477 at the close, compared to 2.608 the day after the March Intentions report.
USDA reported old crop corn export bookings below estimates as just 327,741 MT were booked during the week ending 4/8. Japan and Mexico were the top buyers for the week. Old crop commitments are now at 66.81 MMT (2.63 bbu) or 98.3% of USDA’s export forecast. For new crop purchases, USDA reported 52,578 MT booked. The total forward book is now above 2.1 MMT, but still 14% below the pace of forward sales ahead of this season.
The weekly Export Sales report also showed 656,732 MT of sorghum sold through the week ending 4/8. That was a an all time record for a single week of sorghum business, but came via 659k MT reported late to China. Sorghum shipments on t... Read more