Corn futures are rebounding slightly from Thursday’s weakness, with steady to 2 cent gains following overnight action. Post-USDA report action and bearish Export Sales numbers pushed corn futures lower and nearing the lows into the close. Contracts were down anywhere from fractions to 5 ½ cents on Thursday.
Thursday 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. It was the Easter holiday week, suggesting a wait and see attitude. Japan was the lead buyer of 221,100 MT, with South Korea in for 139,400 MT. New crop sales were just 9,500 MT.
USDA’s WASDE update from Thursday 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 2.122 billion bushels. World stocks were tightened 1.35 MMT to 318.28 MMT, 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, currently up 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, currently up 1 1/4 cents
Dec 24 Corn closed at $4.66, down 4 1/4 cents, currently up 1 cent
New Crop Cash was $4.29 5/8, down 4 1/4 cents,
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