Corn is trading lower, with weaker old crop prices of as much as 6 cents. New crop prices are fractionally mixed. USDA announced a large export sale cancelation this morning, as China canceled 327k MT of old crop corn purchases.
NOAA’s 7-day QPF has mostly drier conditions in the WCB and Northern Plains, with accumulations topping out near 1 1/2” in N.E. IA and OH. The Southern Plains, on the other hand, are forecasted to receive a much needed drink with as much as 3-4” of rainfall for OK. CO, KS, S.W. MO, and Texas will also get some rainfall.
Weekly Export Inspections data showed 913,813 MT of corn was shipped during the week that ended 4/20. That was a drop from 1.24 MMT last week and was down 752k MT from the same week last year. Japan was the week’s top destination, though Mexico, China, and Colombia also had more than 100k MT. The full season’s corn export total was marked at 22.36 MMT as of 4/20, which is 36% behind last year’s pace.
Sorghum exports were reported at 53,765 MT for the week, nearly exclusively to China. The season’s milo shipment total reached 1.305 MMT, compared to 5.09 MMT last year, according to the weekly report.
May 23 Corn is at $6.59, down 4 1/4 cents,
Nearby Cash is at $6.42, down 4 7/8 cents,
Jul 23 Corn is at $6.10 1/2, down 4 3/4 cents,
Dec 23 Corn is at $5.48 1/2, up 1/2 cent,
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.
/Microsoft%20Corporation%20logo%20on%20sign-by%20Jean-Luc%20Ichard%20via%20iStock.jpg)
/Micron%20Technology%20Inc_%20logo%20on%20building-by%20vzphotos%20vis%20iStock.jpg)
/Alphabet%20Inc_%20and%20Google%20logos%20seen%20displayed%20on%20a%20smartphone%20by%20IgorGolovniov%20via%20Shutterstock.jpg)
/Phone%20and%20computer%20internet%20network%20by%20Pinkypills%20via%20iStock.jpg)
