Corn is beginning Friday market activity with prices slipping 1 to 2 cents lower. Corn rallied in somewhat linear fashion after the Export Sales report came out yesterday, but took baby steps because CONAB raised its Brazilian production number. 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. 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.
CONAB updated their Brazilian corn crop forecast, raising it 2.5 MMT from last month to 114.14 MMT. That is still well below the 122 MMT USDA has projected. Much of that adjustment was to the second crop, now anticipated to reach 88.12 MMT. Argentine corn harvest is estimated to be 40% completed.
Jul 24 Corn closed at $4.58 1/2, up 4 1/4 cents, currently down 1 ¾ 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, currently down 2 cents
Dec 24 Corn closed at $4.76, up 7 1/4 cents, currently down 1 ¾ cents
New Crop Cash was $4.40, up 7 1/4 cents,
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