Corn futures are trading with 2 to 6 ½ cent gains so far on Thursday. There were 25 deliveries against July corn overnight, with the Bunge house putting out 20 and Dreyfus stopping 15. The oldest long is dated July 3. All of the receipts are in CGB locations in Utica and Naples, IL.
This morning’s Export Sales report showed corn bookings rebounding from the previous week at 538,331 MT during the week of July 4. That was in the middle of the trade range of estimates of 300,000 to 850,000 MT. Columbia was the top buyer of 2000,600 MT, as Japan purchased 188,300 MT. New crop sales slipped from the previous week at 116,496 MT, on the lower end of the 0 to 500,000 MT estimates. Mexico bought a total of 143,700 MT, as unknown destinations cancelled 65,000 MT.
Earlier this morning CONAB raised their Brazilian corn crop estimate by 1.7 MMT to 115.86 MMT. That came via an increase to the second crop, which was raised by 1.9 MMT to 90 MMT. Trade estimates ahead of Friday’s USDA report are looking for a 0.7 cut to 121.3 MMT.
Jul 24 Corn is at $4.09 3/4, up 6 1/2 cents,
Nearby Cash is at $3.89 7/8, up 3 1/2 cents,
Sep 24 Corn is at $3.98 3/4, up 3 cents,
Dec 24 Corn is at $4.09 3/4, up 2 1/2 cents,
New Crop Cash is at $3.73 1/2, up 3 cents,
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