Corn price action is down 4 to 5 cents so far on Friday morning. Futures were down 9 to 15 cents in the front months on Thursday, falling with the rest of the grain complex as very few details were announced out of the Trump/Xi meeting. Preliminary open interest was up 11,928 contracts on Thursday, mostly in the new crop contracts. There were 124 deliveries issued for May corn futures overnight. The CmdtyView national average Cash Corn price was down 13 cents to $4.27.
Export Sales data from Thursday morning showed old crop corn business in the week of 5/7 at just 684,786 MT. That was the second lowest total for the marketing year, just half of the week prior and down 59.2% from the same week last year. Mexico was the top buyer of 232,000 MT, with 222,000 MT sold to Colombia and 182,800 MT to Japan. New crop sales were just 400 MT, all to Honduras.
CONAB data from Thursday showed total Brazilian production up 0.6 MMT from their previous estimate to 140.17 MMT. That came via a 0.49 MMT increase to the first crop, with the second crop down 0.66 MMT. The third, or late crop from the northern regions, was up 0.77 MMT.
Jul 26 Corn closed at $4.67 1/2, down 13 1/4 cents, currently down 5 cents
Nearby Cash was $4.27 1/1, down 13 cents,
Sep 26 Corn closed at $4.74 1/4, down 13 cents, currently down 5 cents
Dec 26 Corn closed at $4.91 1/4, down 11 3/4 cents, currently down 4 3/4 cents
New Crop Cash was $4.43 1/2, down 12 1/2 cents,
