Corn futures are trading with losses of as much as 3.2% through midday. The market is near the lows for the day, with Dec trading near the lowest prices since Jan ’22.
USDA announced a large export sale cancelation this morning, as China removed 233k MT of old crop corn from their books. The weekly FAS report showed 399,972 MT of old crop corn was sold during the week that ended 4/20. That was a 28% increase from last week and was mid-range of the expectations. The week’s export shipment was shown as 1.076 MMT and brought the season’s total to 23.67 MMT. Adding the 14.78 MMT of unshipped sales has the total commitment at 38.452 MMT, or 1.514 bbu, which is 82% of the forecast.
USDA’s Ag Attaché set their preliminary 2023/24 Argentine corn production figure at 54 MMT, up sharply from their drought impacted old crop. The initial export figure was set at 38 MMT following a presumed return to normal conditions.
May 23 Corn is at $6.28 3/4, down 12 3/4 cents,
Nearby Cash is at $6.14 3/4, down 17 7/8 cents,
Jul 23 Corn is at $5.82 1/2, down 18 1/2 cents,
Dec 23 Corn is at $5.31 1/2, down 12 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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