Corn prices rallied in somewhat linear fashion after the Export Sales report came out but took baby steps because CONAB raised its Brazilian production number. Net gains for the day were 4 ¼ to 7 ¼ cents. Export Sales were a positive, helping contracts to show 3 to 6 cent midday gains. Some traders were also citing heavy rains predicted in the upper Midwest and very hot conditions developing in the Corn Belt as the month goes on.
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 just 69,463 MT, which brought the forward book to 2.98 MMT, about even with the same time in 2023.
Sorghum sales were the largest since mid February 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 updated their Brazilian corn crop forecast, raising it a total of 2.5 MMT to 114.14 MMT. That is still well below the 122 MMT USDA has projected, but a big jump nonetheless. Much of that adjustment was to the second crop, now at 88.12 MMT.
Jul 24 Corn closed at $4.58 1/2, up 4 1/4 cents,
Nearby Cash was $4.43 1/4, up 4 3/4 cents,
Sep 24 Corn closed at $4.63 1/2, up 6 3/4 cents,
Dec 24 Corn closed at $4.76, up 7 1/4 cents,
New Crop Cash was $4.40, up 7 1/4 cents,
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