Corn is heading into Friday’s day session with morning prices mostly lower but within 2c of UNCH. Dec stayed in a 4 ¼ cent range overnight. Futures ended the Thursday session off the lows, with fractional losses in the deferred contracts. Dec and Sep were lower, but still kept held losses to less than 5 cents.
USDA reported 22.7k MT of old crop corn cancelations in the weekly Export Sales report. New crop bookings were 673.5k MT for the week that ended 8/17. That was down from 705k MT last week, but was above the expected range. The 2023/24 export commitments are 7.352 MMT – which remains 21% behind last year’s pace.
South Korea’s NOFI booked 68k MT of corn via tender. The MFG purchased 66k MT. Taiwan’s MFIG booked 65k MT of corn from Brazil. Egypt’s GASC canceled a tender for corn citing high prices.
Day 4 of the ProFarmer Crop Tour put the Iowa average corn yield at 182.8 bpa, 0.72% below the 3-year average. The Tour samples for Minnesota pointed toward a state average yield of 181.34 bpa, down 3.35% from the 3-year average.
Sep 23 Corn closed at $4.72 1/4, down 4 cents, currently down 1 1/4 cents
Nearby Cash was $5.06 7/8, down 5 1/8 cents,
Dec 23 Corn closed at $4.88 1/4, down 2 1/4 cents, currently down 1 1/4 cents
Mar 24 Corn closed at $5.03, down 3/4 cent, currently down 1 1/2 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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