Corn Falling with Lack of Details on US/China Meeting
Corn price action is falling back on Friday morning, with losses of 11 to 12 cents. Futures rounded out the Thursday trade, with fractional to 2 ½ cent losses across the most contracts at the close. Open interest was up just 4,533 contracts. The CmdtyView national average Cash Corn price was down 1 1/4 cents at $4.83 3/4.
Very few details over the US/China discussions were released on Thursday following the meeting with the two leaders.
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The next 7 days are looking for a wet pattern across the central third of the country, with the Plains through IN expected to get 1 to 4 inches and the heaviest totals in NE, IA, MO, and KS.
Export Sales data from this morning showed 838,328 MT of corn sales in the week ending on September 17, which was on the low side of trade ideas looking for 0.8-1.4 MMT. That was less than half of the same week last year and 18.3% below the previous week. Japan was the top buyer of 247,000 MT, with 211,000 MT sold to Mexico and Colombia buying 201,300 MT.
Dec 26 Corn closed at $5.27 1/2, down 1 1/2 cents, currently down 11 3/4 cents
Nearby Cash was $4.83 3/4, down 1 1/4 cents,
Mar 27 Corn closed at $5.41 1/2, down 2 cents, currently down 12 cents
May 27 Corn closed at $5.48 1/4, down 2 1/2 cents, currently down 11 3/4 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.
