Front month corn futures are currently 4 ¼ to 6 cents higher and are at their highs from the overnight into the day session for Friday. CME preliminary OI data showed net new selling, rising 7,739 contracts on Thursday. There were zero deliveries against September corn futures overnight, with the oldest long dating back to 3/22/23. Corn ended the session with ¾ to 3 cent losses on Thursday. The December contract saw a 9 ¾ cent range, ending 1 ½ cents off the low.
The weekly Export Sales data showed old crop corn bookings were 71,737 MT for the week that ended 8/24. That was inline with the expected range and left old crop commitments at 40.6 MMT (1.6 bbu). New corn business was shown at 992k MT, which was near the top end of the expected range. Total forward sales were marked at 8.343 MMT (328.5 mbu), compared to 9.86 MMT (388.5 mbu) LY.
Anec estimates the Brazilian corn export shipments at 9.19 MMT for August, up from 6.89 MMT during Aug ’22.
Sep 23 Corn closed at $4.61, down 3/4 cent, currently up 4 1/4 cents
Nearby Cash was $4.81 1/4, down 3/4 cent,
Dec 23 Corn closed at $4.78 1/4, down 2 1/2 cents, currently up 6 cents
Mar 24 Corn closed at $4.94, down 3 cents, currently up 5 3/4 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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