Corn Starting Friday With A Bounce

Overnight action in the corn market has prices up 3 to 4 cents this morning. Corn was lower on Thursday, with losses of 3 1/2 to 4 ¾ cents at the close. May was 3 ½ cents in the red and back below $4.30, with December settling at $4.60, down 4 ¾.

USDA’s Export Sales report showed a 54% uptick (vs. the depressed Easter week) in sales during the week that ended on April 11 to 501,166 MT. Columbia was the top buyer of 273,700 MT. New crop bookings were tallied at 65,000 MT, vs. the trade expectations of 0-100,000 MT. 

The US ag attaché for Argentina reduced the unofficial corn production for that country to 51 MMT from 57 MMT back in January. Disease pressure is blamed. The attaché also expects 2024/25 production to be smaller because of more acreage switching to soybeans.  The BA grain exchange estimates 17% of the Argentine 2024 crop has been harvested, up only 2% from last week. 

The International Grains Council trimmed the world production estimate for 24/25 by 7 MMT to 1.226 million MT, citing a smaller US crop. The carryout is projected to be 291 MMT, down 6, with the 23/24 world ending stocks at 289 MMT.

May 24 Corn  closed at $4.26 3/4, down 3 1/2 cents, currently up 3 1/2 cents

Nearby Cash   was $4.10 1/8, down 3 3/8 cents,

Jul 24 Corn  closed at $4.36 1/4, down 4 3/4 cents, currently up 3 1/4 cents

Dec 24 Corn  closed at $4.60, down 4 3/4 cents, currently up 3 cents

New Crop Cash   was $4.23 5/8, down 4 7/8 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.

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