Post-USDA report action pushed corn futures lower and nearing the lows into the close. Contracts were down anywhere from fractionally to 5 ½ cents across most of the board on Thursday.
This morning’s Export Sales report showed old crop corn bookings at just 325,479 MT during the week that ended on April 4. That was a 65.7% drop from last week and a MY low. Japan was the lead buyer of 221,100 MT, with South Korea in for 139,400 MT. Net reduction were reported for unknown at 261,700 MT, as there much destination switching. New crop sales were just 9,500 MT.
USDA’s WASDE update this morning had a 50 mbu reduction to the US carryout figure for 23/24 on a 25 mbu increase each to FSI and feed & residual. The ending stocks total was still pegged at a large 2.122 billion bushel and above the average trade estimate. World stocks were tightened 1.35 MMT to 318.28 MMT this morning, mainly on the tighter US number. Argentina’s production was trimmed 1 MMT to 55 MMT, while Brazil was left UNCH at 124 MMT. Meanwhile, the Buenos Aires Grain Exchange dropped their Argentine number by 2.5 MMT to 49.5, and CONAB was busy slashing their estimate for the Brazilian crop by 1.8 MMT to 110.96 MMT. That is a 512 million bushel difference between the two!
May 24 Corn closed at $4.28 3/4, down 5 1/2 cents,
Nearby Cash was $4.10 1/4, down 5 1/8 cents,
Jul 24 Corn closed at $4.41, down 4 3/4 cents,
Dec 24 Corn closed at $4.66, down 4 1/4 cents,
New Crop Cash was $4.29 5/8, down 4 1/4 cents,
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