Corn futures worked mostly lower save for the July contract which was up 3 1/2 cents for the day. The other contracts were in correction mode and went home with 3 3/4 to 4 3/4 cent losses. Â
USDA reported another 75k MT of net cancelations for old crop corn export sales. The week that ended 5/18 saw a 216k MT sale to Mexico fully offset by 316k MT of cancelations by China – of those, USDA had previously announced 272k MT. That left the old crop commitments at 37.98 MMT, 1.495 bbu, as of 5/18. New crop sales were 52k MT for the week for a total forward sale of 2.753 MMT.Â
Brazil’s ANEC estimates May corn exports will total 387k MT, which is down from 571k MT in their prior forecast.
Ukraine’s Ag Ministry reported the season’s grain export was 4.6% behind last year’s pace with 44.6 MMT shipped – including 26.4 MMT of corn, a 19% increase yr/yr.Â
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Jul 23 Corn  closed at $5.90 3/4, up 3 1/2 cents,
Nearby Cash  was $6.24 5/8, up 4 cents,
Sep 23 Corn  closed at $5.10 1/2, down 4 3/4 cents,
Dec 23 Corn  closed at $5.16, down 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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