Tuesday’s session ended with corn futures 2-3 cents off their lows on double digit losses. The front months were 1.8% to 2.6% lower at the close, leaving Dec back near last week’s low.
USDA announced a private export sale cancelation this morning. China removed 272k MT of corn bookings, shrinking US old crop commitments.
Trade estimates for Friday’s WASDE report range 1.267 to 1.480 billion bushels for old crop corn ending stocks. The average trade estimate would be 32.6 mbu looser than last month at 1.375 bbu. Global old crop carryout is expected to be 295.4 MMT, UNCH on average. Analysts are looking for USDA to lower Argentina’s corn crop by 2 MMT to 34.9 MMT. The lowest published figure is at 33 ahead of the report.
New crop production is anticipated to be 15.14 bbu on average with a 180.8 bpa yield. The full range of estimates is from 178 to 183.5 bpa, for 14.555 to 15.30 bbu of production. Analysts are looking for US new crop carryout to be reported from as tight as 1.88 bbu, to as loose as 2.5 bbu. World corn carryout is expected to be between 295 MMT and 327 MMT according to survey responses.
Jul 23 Corn closed at $5.84 3/4, down 11 3/4 cents,
Nearby Cash was $6.17 1/4, down 11 3/8 cents,
Sep 23 Corn closed at $5.19, down 13 3/4 cents,
Dec 23 Corn closed at $5.18 1/4, down 11 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.
/Nvidia%20logo%20and%20sign%20on%20headquarters%20by%20Michael%20Vi%20via%20Shutterstock.jpg)
/Alphabet%20Inc_%20and%20Google%20logos%20by%20IgorGolovinov%20via%20Shutterstock.jpg)
/NVIDIA%20Corp%20logo%20on%20phone-by%20Evolf%20via%20Shutterstock.jpg)