Corn futures are dropping over a percent on Thursday with the front months trading 7 to 8 cents in the red and at their lows for the day.
USDA reported a large private export sale to Mexico this morning, good for 137,160 MT – including 15.2k for 24/25 delivery.
Weekly Export Sales data showed 566,857 MT of corn was sold during the week that ended 9/14. That was at the low end of the expected range. USDA had Japan and Mexico as the top buyers for the week. Accumulated commitments were 461.6 mbu as of 9/14 – compared to 484 mbu on the books at this time last year.
Wire sources have Taiwan as buying 65k MT of corn from Brazil. South Korea’s MFG booked 68k MT of corn, reported as either South American or South African sourced. South Korea’s NOFI booked 136k MT of corn via tender. Iran reportedly booked feed corn via tender. Algeria is on the market for 60k MT of corn.
EIA’s weekly report had 980k barrels per day for the week that ended 9/15 for an estimated weekly corn grind ~ 98 million bushels. Ethanol stocks were 21.681 million barrels, 510k barrels above last week.
CONAB estimates the 23/24 Brazilian corn crop at 119.8 MMT, on an expected lower harvested area.
Dec 23 Corn is at $4.74 3/4, down 7 1/2 cents,
Nearby Cash is at $4.46 3/4, down 8 1/8 cents,
Mar 24 Corn is at $4.89 1/2, down 7 1/4 cents,
May 24 Corn is at $4.98 1/4, down 7 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.
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