Corn Back to Weakness on Friday
Corn futures are trading with Friday losses of 4 to 5 cents at midday. The CmdtyView national average Cash Corn price is down 4 1/4 cents at $4.57.
USDA reported a private export sale of 218,600 MT of corn to Mexico this morning, with 173,800 MT for 26/27, 22,400 MT for 27/28 and 22,400 MT for 28/29.
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Harvest should be able to resume over the next week, with a pocket opening up for much of the US growing region in the 7-day QPF from NOAA.
Export Sales data from USDA has total corn commitments at just 18.774 MMT, which is 31% below the same time last year. That is also 23% of the US export projection and 8% behind the 5-year average sales pace.
USDA’s monthly Grain Crushing report was out on Thursday with a total of 477.7 mbu of corn used for ethanol in August, as July was revised 2 mbu higher. That was 0.3% above last month and 4% larger yr/yr. Marketing year corn used for ethanol was 5.547 bbu, 3 mbu below the USDA projection.
StoneX revised their US corn yield down 0.8 bpa this month at 182.1 bpa, which trimmed their production total by 92 mbu to 16.115 bbu. Brazil’s first corn crop is estimated at 29.3 MMT according to StoneX, steady with last month.
Dec 26 Corn is at $4.97 3/4, down 4 1/2 cents,
Nearby Cash is at $4.57 1/1, down 4 1/4 cents,
Mar 27 Corn is at $5.12, down 4 3/4 cents,
May 27 Corn is at $5.19 1/4, down 4 1/2 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.
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