Corn Busy Unwinding on Friday’s Midday
Corn futures are seeing some unwinding from the recent bear spreading as midday, with contracts fractionally to 5 cents higher. The front month CmdtyView national average Cash Corn price is up 4 3/4 at $4.20.
Forecasts are running on the drier side for much of the Central Corn Belt in the next week, with come heavier totals running on the north and southern edges.
The weekly Export Sales report data has corn export commitments at 65.138 MMT. That is now 99% of the USDA projection, slightly ahead of the 5-year average. Actual shipments per the FAS data are 49.85 MMT, which is on pace with the 5-year average at 75% of USDA’s estimate.
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.
Argentina’s corn crop is 43.8% harvested according to the Buenos Aires Grain Exchange as their production forecast is at 49 MMT.
Jul 25 Corn is at $4.44 1/4, up 4 3/4 cents,
Nearby Cash is at $4.20, up 4 3/4 cents,
Sep 25 Corn is at $4.32 3/4, up 1 1/4 cents,
Dec 25 Corn is at $4.49, up 3/4 cent,
New Crop Cash is at $4.05, up 1 cent,
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.
