Corn Heading Lower on Friday AM
Corn prices are starting off the Friday session with losses of 4 to 4 ½ cents. Futures took a break from this week’s rally, as contracts pulled back by 1 to 4 ¼ cents across the board, led by the nearbys. The national average Cash Corn price from cmdtyView was down 4 1/4 cents at $3.96 1/4 per bu.
Dryness for much of the US over the next week, with drier and warmer weather in the 8-14 day should allow for the producers to roll through harvest at a speedy pace.
The weekly Export Sales report showed a total of 1.684 MMT of corn booked in the week that ended on September 26. That was above the top end of the trade estimates and the largest in the 4 weeks of the marketing year so far. The largest buyer was Mexico with 540,800 MT in sales, with Columbia in for 339,100 MT and Japan buying 244,000 MT. The total for export commitments now sits at 16.428 MMT, which is up 14% from last year and a 3-year high. That is 28% of USDA’s 24/25 export forecast, vs. the 33% average sales pace.
Dec 24 Corn closed at $4.28 1/4, down 4 1/4 cents, currently down 4 1/2 cents
Nearby Cash was $3.96 1/4, down 4 1/4 cents,
Mar 25 Corn closed at $4.46, down 4 cents, currently down 4 1/4 cents
May 25 Corn closed at $4.55, down 3 3/4 cents, currently down 4 1/4 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.
