Corn Rides Out Early Back and Forth Trade to Close with Gains
Corn futures closed out the Thursday session with July up ¾ cent and other contracts 3 to 5 cents in the green. The front month CmdtyView national average Cash Corn price was up a penny at $4.15.
The weekly Export Sales report this morning showed 942,276 MT of old crop corn sold in the week ending on May 29, in the middle of trade estimates looking for 0.775 to 1.4 MMT. That was back up from the week prior but down 20.2% from the same week last year. Mexico was the buyer of 362,300 MT, with Japan purchasing 13,500 MT and South Korea buying 138,600 MT. New crop was at 160,116 MT, between analysts’ expectations of 20,000 to 250,000 MT. Unknown destinations purchased 65,000 MT.
Monthly Census data showed 7.78 MMT of corn shipped in April (289.36 mbu). That was up 6.08% from March, a 21.06% increase from last year, and the second largest for the month behind 2021 on record. Distillers exports totaled 894,197 MT, which was down 7.83% from last year. Ethanol shipments were 172.26 million gallons, a 19.58% decline from last year’s monthly record.
Brazil corn export s during May totaled just 38,928 MT, which was well below the 413,374 MT in the same month last year.
South Korean importers purchased a total of 326,000 MT of corn in a several private tenders overnight.
Jul 25 Corn closed at $4.39 1/2, up 3/4 cent,
Nearby Cash was $4.15, up 1 cent,
Sep 25 Corn closed at $4.31 1/2, up 3 1/2 cents,
Dec 25 Corn closed at $4.48 1/4, up 4 1/2 cents,
New Crop Cash was $4.04, up 3 3/4 cents,
On the date of publication, Austin Schroeder 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 Barchart Disclosure Policy here.