Corn bulls couldn’t hold the initial positive trade on Thursday’s day session, as contracts are showing midday losses of 1 to 2 ¼ cents across the front months.
The weekly Export Sales report from USDA showed a total of 485,447 MT of corn booked in the week that ended on August 1. That was above the range of estimates and a 4-week high. Mexico was the top buyer of 309,400 MT, with 143,300 MT sold to Spain. New crop sales totaled just 249,062 MT in that week, a 4-week low and below the trade range of expectations. Unknown destinations was the largest buyer of 127,100 MT.
Estimates ahead of next Monday’s Crop Production report show average yield expectations at 182.1 bpa according to a Reuters survey of analysts, above the 181 from the previous WASDE reports. Production is expected to be increased just slightly, but 12 mbu, as acreage estimates are seen nearly 471,000 acres lower.
Sep 24 Corn is at $3.81, down 2 1/4 cents,
Nearby Cash is at $3.69 3/8, down 2 1/2 cents,
Dec 24 Corn is at $3.99 1/4, down 1 1/2 cents,
Mar 25 Corn is at $4.16 1/2, down 1 1/2 cents,
New Crop Cash is at $3.61 3/8, down 2 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.
/Semiconductor%20Chip%20by%20Gorodenkoff%20via%20Shutterstock.jpg)
/Oracle%20Corp_%20office%20logo-by%20Mesut%20Dogan%20via%20iStock.jpg)
/NVIDIA%20Corp%20logo%20outside%20building-by%20BING-JHEN_HONG%20via%20iStock.jpg)