Corn futures fell on the last trade day for Easter weekend, going home 3 1/2 to 9 1/4 cents lower on Thursday. That left May corn at a 17 cent loss for the week.
Pre report estimates ahead of Tuesday’s April WASDE show traders are looking for a 19.7 mbu tighter corn carryout on average. That would be a 1.322 bbu ending stock if realized. The trade is also expecting USDA to trim back Argentina’s corn crop by another 3 MMT to 29.2.
FAS reported 1.247 MMT of old crop corn sales for the week that ended 3/30. That was a 20% increase for the week, was 60% above the same week last year, and included 630.8k MT of previously announced business. Total old crop commitments were 32.2 MMT or 1.465 bbu of USDA’s 1.850 bbu forecast. New crop was reported with 2 MMT of forward sales as of 3/30, which is 22% behind last year’s pace.
Monthly Census data confirmed 128.9 mbu of corn exports for the month of February. That was up 3.3% from the Jan shipment but was still half of the monthly record set last year. MYTD exports lag last year by 414 mbu, with 679.96 million shipped through Feb.
BAGE kept their corn production figure at 36 MMT for Argentina in their latest forecast.
May 23 Corn closed at $6.43 1/2, down 9 1/4 cents,
Nearby Cash was $6.47 1/1, down 9 1/8 cents,
Jul 23 Corn closed at $6.19 3/4, down 7 3/4 cents,
Dec 23 Corn closed at $5.56 3/4, 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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