Corn is trading with AM gains of 2 1/2 to 4 cents so far for Friday. That has the market working in the black for the week, with May ‘23 at an 8 cent gain and May ’24 at a 1 3/4 cent gain so far. May corn futures ended the Thursday session with 1 1/4 cent gain, while July was half a cent higher. The new crop contracts ended the session with 2 to 2 1/2 cent losses. There have still been zero delivery notices vs. May futures. The oldest long is dated 2/24/23. Preliminary open interest jumped sharply on Thursday, with the Fed announcement out of the way, It was up 20,979 contracts, with volume concentrated in December.
USDA’s weekly Export Sales report had 315,639 MT of old crop corn cancelations. That was within the range of pre-report estimates and was led by 563k MT known canceled by China. Japan, Taiwan, Guatemala, Colombia, and Mexico were net buyers. New crop corn bookings were reported at 120k MT, led by sales to Mexico. New crop forward sales sit at 2.54 MMT, or 49% below last year’s volume.
Monthly Census data released yesterday showed 4.921 MMT shipped in March. That was a 50% increase from Feb exports but was down 34% from the same month last year. The season’s total 873.7 mbu was at 42.1% of the April WASDE forecast. The monthly data also showed 388k MT of sorghum exports. Ethanol and DDGS were 132.27m gallons and 898k MT respectively in March.
May 23 Corn closed at $6.46 1/2, up 1 1/4 cents, currently up 3 cents
Nearby Cash was $6.21 1/1, up 5/8 cent,
Jul 23 Corn closed at $5.89, up 1/2 cent, currently up 4 cents
Dec 23 Corn closed at $5.28 1/2, down 2 cents, currently up 2 1/2 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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