Corn price action is trading with contracts fractionally lower to a penny plus higher on Friday morning. Futures were busy reverting from the Wednesday gains on Thursday, with contracts down fractionally in the new crop contracts to 2 3/4 cents in the nearbys at the close. Open interest was up 8,038 contracts on Thursday. The CmdtyView national average Cash Corn price was down 2 3/4 cents at $4.11.
Export Sales data from Thursday morning showed 1.4 MMT of old crop corn business, which was a 6-week high but was 10.3% below the same week last year. Japan was the lead buyer of 339,400 MT, with 333,100 MT sold to South Korea and 168,400 MT to Mexico. New crop sales were tallied at 56,460 MT, which was all to Mexico.
Buenos Aires Grains Exchange estimates the Argentina corn crop at 61 MMT, up 4 MMT from their previous number. That is in the direction of the Rosario Grain Exchange at 67 MMT, with the USDA down at 52 MMT.
May 26 Corn closed at $4.48 1/2, down 2 3/4 cents, currently up 1 1/4 cents
Nearby Cash was $4.11, down 2 3/4 cents,
Jul 26 Corn closed at $4.57 3/4, down 2 3/4 cents, currently up 1/2 cents
Dec 26 Corn closed at $4.76 3/4, down 1 1/4 cents, currently down 1/4 cents
New Crop Cash was $4.34 5/8, down 1 3/4 cents,
