Corn futures are trading fractionally weaker so far in the AM market. May futures saw a 4 ¼ cent range overnight, split fairly evenly. Strong sell pressure on Thursday pushed the corn market 5 to 8 cents weaker and held futures near the lows through the afternoon. Prices ultimately ended the day fractionally off their lows with 5 ¼ to 7 ½ cent losses. Open interest data from CME showed a +1k contract gain across corn futures, mostly rolling from May to July with light net new selling in the back months. Corn options saw a 15k contract influx on Thursday, with 9k new calls added.
USDA’s mandatory reporting system announced a 100k MT old crop corn sale to Mexico Thursday morning.
The weekly FAS data had 1.283 MMT of corn sold for the week that ended 3/7. That was a 4-wk high and was the 3rd consecutive +1MMT week. Pre-report estimates were looking for between 800k MT to 1.4 MMT. The data had Japan and Mexico as the top buyers for the week each with over 200k MT, and included a previously reported 110k MT sale to Taiwan. Total corn commitments were up to 1.594 bbu. That is 27% above last year’s pace – the WASDE balance sheet has full year exports forecasted 26.4% above last year’s total. There were no new crop bookings for the week, new crop forward sales remain at 1.62 MMT vs 1.86 MMT at the same time last year.
May 24 Corn closed at $4.33 3/4, down 7 1/2 cents, currently down 1/4 cent
Nearby Cash was $4.08 5/8, down 7 1/8 cents,
Jul 24 Corn closed at $4.46 1/4, down 7 1/4 cents, currently down 1/4 cent
Dec 24 Corn closed at $4.67 3/4, down 5 1/4 cents, currently down 1/2 cent
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