Corn faded into the report day with 6 to 13 cent losses. Old crop futures led the way down with 2% losses. May finished the session at a 50 1/4 cent premium to July. December futures were 1 1/4 cent off the low at the close.
Brazil’s CONAB raised the 2nd crop yield by 0.6 bpa equivalent to 90.4 bpa. That lifted production by 813.6k MT. Total corn production was 656k MT above their April report at a record 125.4 MMT.
The weekly FAS data had 257,279 MT of old crop corn sold during the week ending 5/4. That was up from 316k MT of net cancelations last week and was within the range of pre-report estimates. USDA had new crop sales at 83k MT in the report. Accumulated commitments were at 38.39 MMT (1.51 bbu) for 2022/23 delivery and 2.63 MMT for 2023/24 as of 5/4.
Jul 23 Corn closed at $5.82 1/4, down 11 3/4 cents,
Nearby Cash was $6.15 5/8, down 11 3/4 cents,
Sep 23 Corn closed at $5.15, down 7 3/4 cents,
Dec 23 Corn closed at $5.13 3/4, down 7 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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