Corn futures are fading on Friday’s midday, with contracts down 1 to 3 cents across front months. Some position squaring ahead of Monday’s reports is pushing futures lower with most expecting to see an increase to yield.
The weekly Export Sales report from USDA has total old crop commitments at 55.7 MMT, which is 99% of USDA’s forecast total according to the 2023/24 balance sheet. Normally we would be sold on 102% of that projection by now, though actual Census data is running on pace. New crop sales have totaled 5.8 MMT, slightly behind last year.
Estimates ahead of next Monday’s WASDE report show old crop corn stocks expected to be unchanged at 1.877 bbu. New crop estimates are calling for a minimal change, with the average at 2.096 bbu, up 1 mbu from July, though the range is wide at 1.897 bbu to 2.285 bbu.
Sep 24 Corn is at $3.77, down 2 1/4 cents,
Nearby Cash is at $3.65 1/8, down 2 1/4 cents,
Dec 24 Corn is at $3.95 1/4, down 1 3/4 cents,
Mar 25 Corn is at $4.12 1/2, down 2 cents,
New Crop Cash is at $3.57 1/2, down 2 1/4 cents,
On the date of publication, Alan Brugler 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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
