The corn market is 9 to 10 cents higher at midday, extending overnight gains. December futures came within a tick of $4.70 at the intra-day high to this point. Export sales numbers were on the high end of estimates, and potentially could be better next week given the price decline since May 30.
Trade ideas for the USDA weekly export sales report were running 550,000 to as much as 1.2 MMT for the week ending May 30. USDA indicated actual old crop sales were on the upper end of ideas at 1.181 MMT, with new crop bookings light at 113,300 MT. Mexico was the largest old crop buyer, but 136,200 MTs were headed to China (mostly on destination switches from previous sales to “unknown”.
Census monthly corn exports were also released this morning, with April corn shipments of 6.432 MMT up 28% from year ago and up 9.1% from March.
Jul 24 Corn is at $4.49, up 9 3/4 cents,
Nearby Cash is at $4.31 1/4, up 10 1/2 cents,
Sep 24 Corn is at $4.55 1/4, up 9 1/2 cents,
Dec 24 Corn is at $4.67 3/4, up 8 3/4 cents,
New Crop Cash is at $4.31 1/8, up 9 1/8 cents,
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