Corn futures are trading with 1 to 2 cent gains so far as we begin Friday trade. Price action held up for the most part on Thursday, with contracts closing just fractionally to 1 ¼ lower. Nearby Sep closed down ¾ to $3.82, with December down 1 ¼ to $3.98 ½.
Thursday morning’s Export Sales report indicated 167,864 MT of corn sold for old crop shipment in the week that ended on July 25. That was marketing year low and shy of estimates of 275,000 MT to 600,000 MT. New crop bookings totaled 710,888 MT, on the higher side of the expected 400,000 to 800,000 MT for that week and the second largest total for the MY. Mexico (218,300 MT) and unknown destinations (213,700 MT) were the top buyers.
Monthly Grain Crushings data showed a total of 442.35 mbu of corn used for ethanol production during June. That was a slight improvement over June 2023, but a drop of 2.9% from May.
Brazil’s total 2024/25 corn crop is estimated at 123.14 MMT according to StoneX, a slight increase from the 23/24 projection at 121.8 MMT. The firm also expects the US corn crop to average 182.3 bpa this year, with a crop size a 15.207 bbu.
Sep 24 Corn closed at $3.82, down 3/4 cent, currently up 1 cents
Nearby Cash was $3.72 1/4, down 1/2 cent,
Dec 24 Corn closed at $3.98 1/2, down 1 1/4 cents, currently up 1 1/2 cents
Mar 25 Corn closed at $4.15 1/4, down 1/2 cent, currently up 1 1/4 cents
New Crop Cash was $3.62 3/8, up 1 3/4 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Disclosure Policy here.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
