Corn prices are trading 1 to 3 cents higher on Friday morning. Futures closed out the Thursday session with contracts down 2 to 6 ¾ cents, as uneventful export data failed to give the market a boost.
Thursday morning’s Export Sales report showed 437,840 MT of corn sold for old crop shipment in the week of July 11. That was below the trade’s 500,000-800,000 MT estimates and down 18.3% from the week prior. Japan was the top buyer of 191,200 MT, with Mexico buying 129,400 MT. Bookings for new crop were a marketing year high at 485,681 MT during that week exceeding trade ideas of 25,000 MT to 400,000 MT. Unknown destinations was a purchaser of 201,600 MT, with Mexico buying 118,100 MT.
Sorghum sales were 60,500 MT, for 2023/24, with 50,000 MT for 2024/25. China was the buyer of the total quantity.
The International Grains Council raised their world corn production estimate by 2 MMT to 1.225 billion MT. The ending stocks projection was trimmed back 3 MMT on larger consumption to 278 MMT. China Customs reported corn imports from all origins totaled 920,000 tonnes in June, a sharp 50% decline from June 2023. Imports YTD were down a little over 8%.
Sep 24 Corn closed at $3.91 1/4, down 6 3/4 cents, currently up 1 3/4 cents
Nearby Cash was $3.84, down 6 1/2 cents,
Dec 24 Corn closed at $4.05, down 6 3/4 cents, currently up 2 1/2 cents
Mar 25 Corn closed at $4.18 3/4, down 6 1/4 cents, currently up 2 1/4 cents
New Crop Cash was $3.68 7/8, down 6 3/4 cents,
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