Corn futures are down 9 to 11 cents in the front months on Friday. There were 124 deliveries issued for May corn futures overnight. The CmdtyView national average Cash Corn price is down 11 cents to $4.16 3/4.
Export Sales data showed total corn commitments at 77.748 MMT as of May 7 after last week’s disappointing number. That is still a 25% increase yr/yr and is now 93% of the USDA forecast compared to the 95% average sales pace. Export shipments are 55.8 MMT, which is 69% of that number and running ahead of the 66% average pace. US FOB prices are still competitive on the world market, though a larger Argentina crop is cutting into that.
South Korean importers purchased a total of 191,000 MT of corn in separate tenders overnight, with most optional origin.
Sep 26 Corn is at $4.63 1/2, down 10 3/4 cents,
Nearby Cash is at $4.16 3/4, down 11 cents,
Dec 26 Corn is at $4.81 1/4, down 10 cents,
Mar 27 Corn is at $4.95 1/2, down 9 1/4 cents,
New Crop Cash is at $4.33 1/4, down 10 1/4 cents,
On the date of publication, Austin Schroeder 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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