The old crop corn market worked another 6 1/4 cents lower in July, but ended the day 8 1/4 cents off the low. New crop futures were 1 1/4 to 1 3/4 cents higher on the day, with Dec having printed a wide 11 3/4 cent range.
USDA’s weekly Export Sales report showed net cancelations of 339k MT for old crop corn. That was mainly via China, though Japan and Colombia were net buyers. That reduced the old crop commitments to 1.5 bbu, or 84% of the updated WASDE number. For new crop, USDA reported 74k MT of sales for a 2.7 MMT forward book. That is 48% behind last year’s forward sales pace compared to an 18% WASDE expected increase.
Jul 23 Corn closed at $5.55 1/4, down 6 1/4 cents,
Nearby Cash was $5.87 3/4, down 6 cents,
Sep 23 Corn closed at $4.95 1/2, down 1 1/2 cents,
Dec 23 Corn closed at $5.00 3/4, up 1 3/4 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.
/Apple%20Inc%20logo%20on%20Apple%20store-by%20PhillDanze%20via%20iStock.jpg)
/Ford%20Motor%20Co_%20logo%20by-%20Vera%20Tikhonova%20via%20iStock.jpg)