Corn futures are trading with Friday morning gains of 3 to 4 ¼ cents to close out August. They posted gains of 4 to 6 ½ cents across most contracts on Thursday, with a positive Export Sales report providing assistance. Month end short covering was also helping things out. The market will be closed on Monday in observance of Labor Day. There were 12 deliveries issued on first notice day for September corn futures, with an R.J.O’Brien client stopping all 12.
Weekly Export Sales data showed just 15,291 MT of 2023/24 sales in the week that ended on August 22. That was a marketing year low as we get closer to the end of the MY and in the middle of the estimates of net reductions of 100,000 to sales 200,000 MT. New crop sales were pegged at 1.494 MMT, which was a MY high and above the estimated range of 700,000 MT to 1.4 MMT. Mexico was the largest buyer of 419,700 MT, with unknown destinations in for 391,200 MT.
Export sale commitments for old crop are 98% of the USDA forecast at 55.951 MT, with the average pace at 103% of that projection. FAS accumulated shipments are 52.949 MMT, or 93% of USDA’s export number, lagging the 98% average. Forward sales for new crop have jumped to 9.42 MMT, which is up 12.9% from the same period last year and in the middle of the past 10 years.
Sep 24 Corn closed at $3.71 3/4, up 6 1/2 cents, currently up 4 1/4 cents
Nearby Cash was $3.55 3/8, up 6 3/4 cents,
Dec 24 Corn closed at $3.96, up 5 1/4 cents, currently up 3 1/4 cents
Mar 25 Corn closed at $4.14, up 4 1/4 cents, currently up 3 cents
New Crop Cash was $3.55, up 8 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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
