Corn futures gather some strength to round out the week on Friday’s lame duck session. Contracts were up 4 to 7 ¾ cents across the board. Rains over the next week are spottier according to the 7-day QPF, with very southern portions of the WCB an inch or less of coverage and the ECB with trace amounts.
This morning’s Export Sales report indicated 357,152 MT in old crop corn bookings during the week of 6/27. That was 34.1% below the previous week and a 12-week low. They fell shy of the low end of estimates ranging from 500,000 and 900,000 MT. Unknown destinations was the top buyer of 138,400 MT, with 78,800 MT sold to Columbia. New crop sales totaled 311,538 MT in that week, on the higher end of the 0-400,000 MT expectations. Much of the reported total was to Mexico of 301,800 MT.
Brazil’s corn exports totaled 850,892 MT during June according to trade ministry data, a 17.74% drop from the same month last year.
Jul 24 Corn closed at $4.11 1/4, up 7 3/4 cents,
Nearby Cash was $3.97 1/4, up 5 1/4 cents,
Sep 24 Corn closed at $4.10 1/2, up 5 cents,
Dec 24 Corn closed at $4.24, up 4 1/2 cents,
New Crop Cash was $3.85 5/8, up 4 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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
