Corn prices settled 9 ¼ to 13 higher on Thursday, with most contracts only a penny or so from their intra-day highs going home. Current and future export potential was the theme of the day.
USDA confirmed a sale of 152,000 MT of old crop corn to “unknown” destinations under the daily reporting system this morning.
Trade ideas for the USDA weekly export sales report were running 550,000 MT to 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.
Census monthly US 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. Brazil confirmed that their May corn exports were 421,374 MT. While up from a year ago’s 384,884 MT, that low level of activity leaves plenty of room for US shipments until second crop Brazilian corn reaches ports in quantity (mid to late June).
Some traders cited a Brazilian executive order restricting use of some tax credits in export operations as a bull factor for corn and beans today. While the order must be approved by the Brazilian Congress within 4 months to remain in effect, Brazilian exporters pulled some export sale offers while they evaluated the impact.
Jul 24 Corn closed at $4.52, up 12 3/4 cents,
Nearby Cash was $4.34 1/1, up 13 1/8 cents,
Sep 24 Corn closed at $4.57 3/4, up 12 cents,
Dec 24 Corn closed at $4.69 1/2, up 10 1/2 cents,
New Crop Cash was $4.33 1/4, up 11 1/4 cents,
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