Friday’s corn market has old crop futures in the black at midday, with fractional losses for new crop. Consultant HIS Markit expects U.S. corn acres to reach 90.4m for 22/23 in an updated estimate. If realized, that would be a nearly 3m acre dip yr/yr, with high fertilizer costs as the driver.
USDA announced a private export sale for 247,800 MT of corn to unknown destinations this morning under the daily system. The weekly Export Sales data showed 1.091 MMT of corn was booked during the week that ended 1/13. That was more than double the New Years week and above the range of estimates, but was still 25% lighter yr/yr. Corn exports during the week were 1.3 MMT. That was a MY high led by +300k MT to both China and Mexico and a 214k MT shipment to Japan. The data had MYTD corn commitments at 42.55 MMT or 1.67 bbu as of 1/13.
For sorghum, USDA’s FAS reported 477,458 MT were sold. That was a MY high led by purchases from unknown and China. USDA had 53k MT of new crop sorghum sold during the week to start the forward book.
Mar 22 Corn is at $6.16, up 5 cents,
Nearby Cash is at $6.02 3/8, up 4 3/4 cents,
May 22 Corn is at $6.13 1/2, up 2 3/4 cents,
Dec 22 Corn is at $5.63, up 3/4 cent,
New Crop Cash is at $5.47 5/8, up 1/8 cent,
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