Corn futures are down fractionally in the nearby contracts, with new crop December up ¼ cent. There were 37 delivery notices for July corn overnight, taking the total for the month to 362. The front month CmdtyView national average Cash Corn price was down 1/4 cent at $3.85 1/4.
USDA reported a private export sale of 110,000 MT of corn to unknown destinations this morning, all for new crop.
Export Sales data from the morning showed old crop corn coming in above 375,000 and 900,000 MT estimates at 1.262 MMT the week ending on July 7/3. That was an 8-week high for sales and more than double the same week last year and the week prior. Mexico was the largest buyer at 469,900 MT, with 436,200 MT sold to Japan. New crop also exceeded the trade range of 150,000 to 700,000 MT estimate for that week at 888,562 MT. That was down from the week prior but still the second largest so far this year. The top buyer was Mexico at 423,900 MT, with Japan in for 304,800 MT.
CONAB estimates the Brazilian corn crop at 131.97 MMT via their monthly release, up 3.72 MMT from last month on a 3.54 MMT increase to the second crop corn. Ahead of the USDA report on Friday, a survey of traders by Bloomberg shows estimated production out of Brazil at 132.3 MMT.
Jul 25 Corn is at $4.10 1/4, down 2 1/4 cents,
Nearby Cash is at $3.85 1/4, down 1/4 cent,
Sep 25 Corn is at $3.99, down 1/4 cent,
Dec 25 Corn is at $4.15 3/4, up 1/4 cent,
New Crop Cash is at $3.75 3/4, down 0 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.
