The Friday morning action has corn futures trading 2 cents in the red, though old crop corn prices are still up by 2 cents on the weekly chart heading into the weekend. On Thursday, futures were up 1 ½ to 2 cents across the front months. May printed an 8 ¼ cent range for the day from-1 ½ to +4 ¾ cents, hitting a five week high in the process.
USDA’s weekly Export Sales report had 1.19 MMT of corn was booked during the week that ended 3/14. That was at the high end of the expected range but was down 8% for the week and was under the 3.1 MMT sold during the same week last year. Total commitments were up to 41.7 MMT, which is 19% ahead of last year’s pace.
US planting progress is running a bit behind schedule in the Southeast and Delta, according to producers we spoke with early this week. Wet weather over the next 5 days will keep a lot of planters in the machine shed until the end of the month.
May 24 Corn closed at $4.40 3/4, up 1 3/4 cents, currently down 2 cents
Nearby Cash was $4.17 7/8, up 2 3/8 cents,
Jul 24 Corn closed at $4.54, up 1 3/4 cents, currently down 2 1/2 cents
Dec 24 Corn closed at $4.76 3/4, up 2 cents, currently down 2 1/2 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 Disclosure Policy here.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
