The Thursday corn market fell a sharp 0.8% to 2.5%. Despite the a bull friendly weekly export sales report from this morning and more Argentine production cuts, sell pressure was seen all day. The December contract closed 4 1/2 cents in the red at $5.53 ½ as the inverse shrank.
Weekly Export Sales data showed 1.412 MMT of corn was sold during the week that ended 3/2. That was a 5-wk high and above the range of estimates, purchasers led by Japan and South Korea. The report showed 1.052 MMT of corn was exported, bringing the old crop shipment to 16.081 MMT (633 mbu) through 3/2. Census data released yesterday confirmed 551 mbu were shipped through January.
CONAB raised their outlook for Brazilian corn production back up by 933k MT to 124.677 MMT, mostly to the 1st crop, as the 2nd crop estimate shrank from 96.3 to 95.6 MMT in their recent update.
Rosario Grains Exchange reduced their estimate for Argentina corn output from 42.5 MMT to 35 MMT.
Mar 23 Corn closed at $6.18 1/2, down 16 cents,
Nearby Cash was $6.12 1/4, down 13 3/4 cents,
May 23 Corn closed at $6.11 1/2, down 14 cents,
Jul 23 Corn closed at $6.01 3/4, down 12 1/4 cents,
On the date of publication, Alan Brugler 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.
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