Corn futures are recovering from the Thursday losses post-USDA report. They are heading into the weekend with gains of 4 to 6 cents higher.
The 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.
Safras & Mercado trimmed their Brazilian corn crop estimate by 0.27 MMT to 125.86 MMT. That is more in line with the current USDA projection at 124 MMT and well above the CONAB estimate of 110.97 MMT. The Buenos Aires Grain Exchange dropped their Argentine number by 2.5 MMT to 49.5 MMT on Thursday afternoon.
May 24 Corn is at $4.34 3/4, up 6 cents,
Nearby Cash is at $4.16 3/8, up 6 1/8 cents,
Jul 24 Corn is at $4.46 1/4, up 5 1/4 cents,
Dec 24 Corn is at $4.70 1/4, up 4 1/4 cents,
New Crop Cash is at $4.33 1/4, up 4 5/8 cents,
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