Corn prices are trading with slight gains so far on Friday morning. Futures failed to gain much upward momentum on Thursday, as contracts faded to close with losses of 2 to 4 cents across most contracts. Expectations for a large crop out of next week’s Crop Production report and lousy new crop export business weighed on the market.
The weekly Export Sales report from USDA showed a total of 485,447 MT of corn booked in the week that ended on August 1. That was above the range of estimates and a 4-week high. Mexico was the top buyer of 309,400 MT, with 143,300 MT sold to Spain. New crop sales totaled just 249,062 MT in that week, a 4-week low and below the trade range of expectations. Unknown destinations was the largest buyer of 127,100 MT.
Estimates ahead of next Monday’s WASDE report show old crop corn stocks expected to be unchanged at 1.877 bbu. New crop estimates are calling for a minimal change, with the average at 2.096 bbu, up 1 mbu from July, though the range is wide at 1.897 bbu to 2.285 bbu.
Sep 24 Corn closed at $3.79 1/4, down 4 cents, currently up 1/2 cent
Nearby Cash was $3.67 3/8, down 4 1/2 cents,
Dec 24 Corn closed at $3.97, down 3 3/4 cents, currently up 3/4 cent
Mar 25 Corn closed at $4.14 1/2, down 3 1/2 cents, currently up 3/4 cent
New Crop Cash was $3.60 5/8, down 4 cents,
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