Corn prices are falling in Friday morning trade, with contracts down 3 to 4 cents. Futures closed out the Thursday session with contracts falling later in the day, down 2 to 6 cents across the board. A stronger US dollar added some pressure.
The weekly Export Sales report showed 120,477 MT of old crop corn sold in the week of August 8, well below estimates. New crop sales were tallied at 800,518 MT, edging out the high side of trade expectations. Unknown was the purchaser of 345,000 MT, with Mexican importers buying 257,900 MT.
The International Grains Council estimates for world corn production were 1 million metric tonnes higher at 1.226 billion metric tonnes on Thursday. Stocks were down 1 MMT to 277 MMT.
Sep 24 Corn closed at $3.75, down 6 cents, currently down 3 cents
Nearby Cash was $3.63 1/2, down 5 3/4 cents,
Dec 24 Corn closed at $3.97, down 3 3/4 cents, currently down 3 1/4 cents
Mar 25 Corn closed at $4.15 3/4, down 2 1/2 cents, currently down 3 1/4 cents
New Crop Cash was $3.58 5/8, down 4 1/4 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.
