Morning corn quotes are 1 3/4 to 3 3/4 cents lower so far for Friday. Corn futures closed the Thursday session with 4 1/2 to 10 1/2 cent losses. New crop prices held firmer on the day as old crop closed more than a percent in the red. Dec corn is at a $1.06 discount to the May quote. The new crop soy/corn ratio was 2.33:1 at the close.Â
The International Grains Council expects the 23/24 world corn crop at 1.208 billion MT, which is 6 MMT higher than their prior estimate and up 58 MMT yr/yr. Global stocks are estimated at 264 MMT, which is up 3 from their prior estimate and 6 MMT higher yr/yr.Â
USDA’s FAS reported 312,442 MT of old crop corn export sales for the week that ended 4/13. That was down 40% from last week and was 35% of the volume from the same week last year. The trade was expecting at least 575k MT in the report. The weekly update also had 422k MT of new crop sales. That brought the forward book to 2.422 MMT, still 28% behind last year’s level. The old crop commitment was marked at 38.052 MMT – trailing last year by 33%.Â
May 23 Corn  closed at $6.63 3/4, down 8 1/2 cents, currently down 3 cents
Nearby Cash  was $6.56 1/4, down 11 1/8 cents,
Jul 23 Corn  closed at $6.26, down 10 1/2 cents, currently down 4 cents
Dec 23 Corn  closed at $5.57 1/2, down 5 1/2 cents, currently down 2 3/4 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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