Corn Weakness Continues on Friday AM Trade

Corn prices are trading with 1 to 2 ½ cent losses on Friday morning as traders look to round out the week. Futures saw losses on Thursday, with contracts down 1 ½ to 3 ¼ cents.  Open interest was down 12,902 contracts on Thursday, mainly in the May, dropping 41,575 contracts. Some were rolling to July, up 28,073 contracts. The CmdtyView national average Cash Corn price was down 3 cents at $4.05 1/2. 

Export Sales data from Thursday morning showed 1.36 MMT in old crop corn sales for the week of April 2. That was up 18.4% from last week and 73.3% above the same week last year. Japan was the top buyer of 632,400 MT, with 202,500 MT sold to Mexico. New crop sales were tallied at 11,430 MT, all to Mexico.
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The USDA WASDE update showed the US corn ending stocks projection left at 2.127 bbu as the trade had suspected. The only major change was via the average cash price, up a nickel to $4.15. World ending stocks were raised by 2.06 MMT to 294.81 MMT, mainly due to a hike in India, South Africa, and Brazil. No major changes to South American production were noted.

May 26 Corn  closed at $4.44, down 3 1/4 cents, currently down 1 cent

Nearby Cash  was $4.05 1/2, down 3 cents,

Jul 26 Corn  closed at $4.55, down 3 cents, currently down 1 1/2 cents

Dec 26 Corn  closed at $4.74 1/4, down 1 3/4 cents, currently down 2 cents

New Crop Cash  was $4.31 1/2, down 2 1/2 cents,

On the date of publication,

Austin Schroeder

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.

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