Corn Market Rebounding

Futures tried to fade into the weekend, though the midday quotes have the board back in plus territory. July futures have seen a 20 cent range so far from -11 1/4 cents, and are currently near their highs on an 8 3/4 cent gain. The other contracts are also up for midday with 5 to 6 1/4 cent gains. 

USDA’s FAS reported 186,695 MT of corn was sold for export during the week that ended 5/25. That was inline with the estimated range. That was led by 172k MT for Mexico. Old crop commitments were marked at 1.503 bbu through 5/25. That is 36% behind last year’s pace, and is 84.6% of the WASDE estimate. New crop bookings were shown as 312.6k MT for the week, slightly above the highest trade guess. Mexico was the top buyer. New crop commitments sit at 3.065 MMT, compared to the May WASDE estimate of 53 MMT for the full year. 

USDA’s monthly Grain Crushings report had 415.74 mbu of corn used for ethanol in April. That was a 4.7% drop from March but was near the same level as last season. Total corn use was officially 64.8% of the WASDE forecast through April with 3.4 bbu. 

StoneX estimated the Brazilian corn output at 133.75 MMT, up 2.2 MT, with 103 MMT for 2nd crop. Brazilian export data had 385k MT of corn exports for the month of May. That was well below the 1.09 MMT shipped last year. 

Jul 23 Corn  is at $5.99, up 6 1/2 cents,

Nearby Cash   is at $6.31 1/2, up 6 1/8 cents,

Sep 23 Corn  is at $5.27 1/2, up 3 1/4 cents,

Dec 23 Corn  is at $5.34 3/4, up 4 3/4 cents,