Corn price action is unchanged across the front months so far on Friday morning. Futures were down 1 ¾ to 4 ¼ cents across the board on Thursday, as pressure pushed the market lower into the close. Preliminary open interest was down 8,417 contracts, implying modest long liquidation. The CmdtyView national average Cash Corn price was down 3 1/4 cent to $4.22 1/2. The CBoT will be closed on Monday for Memorial Day, with the Tuesday session showing a normal open.
USDA’s Export Sales data showed 2.125 MMT in old crop corn business for the week of 5/14, exceeding estimates. That was a 17-week high and 78.5% above the same week last year. Japan was the buyer of 779,800 MT, with 463,800 MT sold to South Korea and 342,200 MT to Mexico. New crop business was tallied at 281,430 MT, the third largest total for the marketing year. Much of that was to Mexico at 255,100 MT, with 22,000 sold to unknown.
A couple South Korean importers purchased corn in tenders overnight, buying 203,000 MT of optional origin corn
The Buenos Aires Grain Exchange raised their estimate for the Argentina corn crop by 3 MMT to 64 MMT.
Jul 26 Corn closed at $4.62 1/4, down 3 1/2 cents, currently unch
Nearby Cash was $4.22 1/2, down 3 1/4 cents,
Sep 26 Corn closed at $4.68 1/2, down 4 cents, currently unch
Dec 26 Corn closed at $4.85, down 4 1/4 cents, currently unch
New Crop Cash was $4.38, down 3 3/4 cents,
