Thursday’s corn futures are trading 3 to 5 cents in the red, and near their intraday lows at midday.
USDA reported another 123k MT of old crop corn was sold to China in a private export sale announcement. The weekly Export Sales recap had 3.096 MMT of old crop corn bookings for the week that ended 3/16. That was a 156% increase for the week, triple the same week last year, and a marketing year high. However, most of it was the known Chinese business. Analysts had expected sales to range 1.7 MMT to 3.4 MMT. USDA reported China with 2.245 MMT of the total and Japan with 683k MT for the week. New crop sales were 93k MT, mostly to Mexico, and set the forward book at 1.9452 MMT. Old crop commitments were up to 34.94 MMT (1.376 bbu), or 74.4% of the USDA full year forecast.
USDA’s Ag Attache estimates Mexico will bring in 17.9 MMT of corn in 23/24. That would be a 500k MT increase yr/yr in the attaché estimate– citing larger feed demand.
May 23 Corn is at $6.29, down 4 1/2 cents,
Nearby Cash is at $6.33 5/8, down 4 3/8 cents,
Jul 23 Corn is at $6.08 1/2, down 3 1/4 cents,
Dec 23 Corn is at $5.50 1/2, down 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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