Corn Weakness Extends to Thursday
Corn futures are trading with midday losses on Thursday, as contracts are down 1 to 3 cents in the front months. The CmdtyView national average Cash Corn price is down 3 cents on the day at $4.14 3/4.
Export Sales data was tallied at 1.04 MMT, between estimates of 0.6 and 1.6 MMT for old crop in the week that ended on March 20. That was a drop of 30.5% from the previous week and 13.8% below the same week last year. Japan was the largest buyer of 415,300 MT, with 309,900 MT sold to Mexico and 212,900 MT to Columbia. There was 494,000 MT in net reductions during that week, most of which were switched to a destination.
A South Korean importer purchased a total of 204,000 MT of corn in a tender overnight.
May 25 Corn is at $4.48 1/4, down 3 cents,
Nearby Cash is at $4.14 3/4, down 3 cents,
Jul 25 Corn is at $4.56, down 3 cents,
Dec 25 Corn is at $4.42 3/4, down 1 3/4 cents,
New Crop Cash is at $4.06 3/4, down 1 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.