Corn Down 3 to 4 Cents in Early Friday Trading

Corn futures start the last trading day of the week 3 to 4 cents lower.  On Thursday, prices faded from early gains to close fractionally mixed to 2 1/2 cents in the red. New crop corn prices were the weaker on the day. Preliminary open interest showed a little net new selling interest, up 7,691 contracts. 

Barchart’s national average corn basis has hovered near 13 1/4 cents under since mid-December. That compares to minus 17 cents in Jan of ’21. On the board, corn has no carry through May, though the basis for May reads 4 cents firmer at 9 under. 

Going into the USDA weekly Export Sales report this morning, the trade is looking for corn bookings between 500k and 1 MMT from the week that ended 1/13. New crop bookings are expected to be blow 200k MT.  The report was delayed one day by the federal holiday on Monday. 

Mar 22 Corn  closed at $6.11, up 1/2 cent, down 4 this morning

Nearby Cash  was $5.98 ½ on Thursday, up 1/2 cent,

May 22 Corn  closed at $6.10 3/4, down 1/4 cent, down 4 ¼ this morning

Dec 22 Corn  closed at $5.62 1/4, down 2 1/2 cents, down 3 ¼ this morning

New Crop Cash  was $5.46 ½ on Thursday, down 2 1/8 cents,