Overnight futures activity has corn prices retreating 10 to 12 ¼ cents lower early on Friday morning. Corn prices had a net 31 ¾ cent gain for the week through Thursday. Futures were down 4 ¾ to 8 ¼ cents on Thursday, led by September. New crop December closed with a 6 ¾ cent loss. Weekly export sales were another disappointment for the bulls.
Preliminary Open Interest showed net new selling in the December contract, up 6,457 contracts on Thursday.
The NWS 8-14 day forecast on Thursday afternoon had the high temps moving from the Southwest into the central US, moderating from 117 in Phoenix to 100 degrees +/- 5 in the central Corn Belt. More significantly, the models move the precip forecast back to normal or above normal for the period after leaning drier before that.
IGC saw fit to up their forecast for 23/24 world corn production from 1.211b MT to 1.220 billion MT. That is now a 66 MMT increase from 22/23, but is still 4 MMT below 21/22 output. Corn ending stocks were loosened by 6 MMT from their prior estimate, to 282 MMT.
US Export Sales data showed 236,809 MT of old crop sales booked in the week that ended on July 13. That was on the low side of estimates and nearly half of what was reported the previous week. The top buyer was Columbia at 110,400 MT. New crop sales totaled 491,595 MT in that week, the second largest this MY and on the high side of trade estimates. Mexico was the buyer of 386,500 MT.
Sep 23 Corn closed at $5.37 1/4, down 8 1/4 cents, currently down 10 3/4 cents
Nearby Cash was $5.81 1/2, down 8 1/2 cents,
Dec 23 Corn closed at $5.46 1/4, down 6 3/4 cents, currently down 12 1/4 cents
Mar 24 Corn closed at $5.57 1/2, down 5 3/4 cents, currently down 12 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.
/Amazon%20-%20Image%20by%20bluestork%20via%20Shutterstock.jpg)
/Salesforce%20Inc%20HQ%20building-by%20JHVEPhoto%20via%20Shutterstock.jpg)
/Semiconductor%20close%20up%20by%20Yosi%20Azwan%20via%20iStock.jpg)