Corn futures are rallying on Thursday despite CONAB heading in the USDA direction. Export Sales were a positive, helping contracts to show 3 to 6 cent midday gains.
Export sales data from Thursday morning showed 1.056 MMT in old crop corn bookings for the week that ended on June 6th. That was down 10.6% from the previous week, but well above the same week last year. Most of the sales were to Japan, at 414,100 MT, with Columbia in for 184,500 MT. Total accumulated commitments of shipped and unshipped sales are now at 52.32 MMT, or 35.5% above a year ago. Sales for new crop were tallied at just 69,463 MT, which brought the forward book to 2.98 MMT, even with the same time in 2023.
Sorghum sales were the largest since mid Feb at 118,827 MT. Of that total, 237,800 MT was sold to Chinses buyers including 121,000 switched from unknown destinations (which had a net reduction of 151,000 MT)
CONAB showed an updated forecast to their corn crop, raising it a total of 2.5 MMT to 114.14 MMT. That is still a ways from the 122 MMT USDA has projected, but a big jump nonetheless. Mich of that was to the second crop, now at 88.12 MMT.
Jul 24 Corn is at $4.57 3/4, up 3 1/2 cents,
Nearby Cash is at $4.42 3/8, up 3 3/4 cents,
Sep 24 Corn is at $4.62 1/4, up 5 1/2 cents,
Dec 24 Corn is at $4.74 1/4, up 5 1/2 cents,
New Crop Cash is at $4.38 3/8, up 5 1/2 cents,
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