Corn futures are trading with 13 to 15 cent losses in the front months on Thursday. There were 17 deliveries against May futures overnight, with the contract expiring today. The CmdtyView national average Cash Corn price is down 15 cents to $4.25.
A bill to approve year-around sales of E15 was passed by the US House of Representatives on Wednesday evening. It will now go through the Senate, facing some hurdles from oil state senators.
Export Sales data from this morning showed old crop corn business in the week of 5/7 at just 684,786 MT, falling short of the 1 to 1.9 MMT trade estimates. That was the second lowest total for the marketing year, just half of the week prior and down 59.2% from the same week last year New crop sales were just 400 MT near the bottom of expectations at 0 to 300,000 MT.
The NOAA 7-day QPF shows expected precipitation totals of 1 to 3 inches across much of the Corn Belt, with portions of the eastern Plains through OH catching some rain.
The Rosario Grains Exchange estimates the Argentina corn crop at 68 MMT, up 1 MMT from their previous number. CONAB data from this morning showed total Brazilian production up 0.6 MMT from their previous estimate to 140.17 MMT. That came via a 0.49 MMT increase to the first crop, with the second crop down 0.66 MMT. The third, or late crop from the northern regions, was up 0.77 MMT.
Jul 26 Corn is at $4.65 3/4, down 15 cents,
Nearby Cash is at $4.25, down 15 cents,
Sep 26 Corn is at $4.72 1/2, down 14 3/4 cents,
Dec 26 Corn is at $4.89 1/2, down 13 1/2 cents,
New Crop Cash is at $4.42 3/4, down 14 1/2 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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