Front month corn futures are trading near their highs for the day with gains of at least 5 cents. The now lead month July contract is up by 11 cents so far.
USDA’s weekly Export Inspections report showed 1.174 MMT of corn was shipped during the week that ended 5/11. That was up 20% from last week and 11% from the same week last year. The season’s total shipment reached 26.051 MMT, or 1.026 bbu. That is down 50% from last year, and 57% of the new WASDE forecast.
South Korea’s NOFI reportedly booked 132k MT of corn via tender – rumored to be SoAm sourced.
USDA’s monthly WASDE showed a 75 mbu cut to old crop exports, taking stocks to 1.417 bbu. For new crop, USDA set new crop ending stocks are estimated at 2.222 billion bushels, compared to the average trade guess of 2.105.
At the global level, USDA raised Brazil’s output by 5 MMT but left Argentina unchanged. The global stocks were shown at 297.4 MMT for old crop corn and 312.9 MMT for new crop. Trade ideas ranged 293 – 299 and 295 – 327 MMT respectively going in.
Jul 23 Corn is at $5.97 1/4, up 11 cents,
Nearby Cash is at $6.29 1/8, up 10 5/8 cents,
Sep 23 Corn is at $5.17 1/4, up 6 1/2 cents,
Dec 23 Corn is at $5.15, up 6 1/4 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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