Corn futures closed Thursday trade, following similar action from Wednesday, fading the early session gains. Contracts closed with losses of 3 ½ to 5 ½ cents across the board, and leaving some not so bull friendly looking candlesticks.
Weather through the weekend shows much of the WCB drier, with portions of the ECB shifting drier. The entire Corn Belt looks wetter getting into next week.
USDA's Export Sales report from this morning showed old crop corn bookings at 742,177 metric tons for the week ending on May 9th, coming in on the low side of estimates. That was a 4-week low and down 16.5% compared to last week. Mexico was the top buyer of 244,400 MT, with Japan buying 241,300 MT. New crop bookings came in at a 3-week high of 128,230 MT, all to Mexico.
Argentina’s corn crop is now rated at 14% gd/ex according to Buenos Aires Grain Exchange, down 3% from the previous week. Harvest was reported at 25.4% complete.
Jul 24 Corn closed at $4.57, down 5 1/2 cents,
Nearby Cash was $4.33 1/1, down 6 1/4 cents,
Sep 24 Corn closed at $4.67 3/4, down 5 1/2 cents,
Mar 25 Corn closed at $4.94 3/4, down 4 1/2 cents,
New Crop Cash was $4.44 3/4, down 6 1/4 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.
