Corn futures are trading with 2 to 3 ½ cent losses at Thursday’s midday, as month end pressure and wheat weakness spillover is weighing on the market. There were 19 delivery notices overnight on First Notice Day for May futures. The CmdtyView national average Cash Corn price is down 3 cents at $4.31.
A large portion of the Corn Belt should be able to get some crop in the ground over the next 5 days. Day 6 and 7 of NOAA’s 7-day QPF shows 1 to 1.5 inches of rain expected in much of Mo and the ECB.
USDA’s Export Sales report released this morning indicated 1.598 MMT of old crop corn sales in the week of 4/23, in the middle of analysts’ expectations of 1-1.9 MMT. That was the largest sales total since late February. New crop business was at 0, compared to estimates of 0-500,000 MT. That was the first week of no new crop business in 13 weeks.
May 26 Corn is at $4.64 1/4, down 2 1/4 cents,
Nearby Cash is at $4.31, down 3 cents,
Jul 26 Corn is at $4.74 1/2, down 3 1/4 cents,
Dec 26 Corn is at $4.94 3/4, down 3 cents,
New Crop Cash is at $4.51 1/4, down 3 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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