Corn futures are trading with contracts fractionally higher at Thursday’s midday. The front month CmdtyView national average Cash Corn price was unch at $4.56 1/2. The markets will be off on Friday for Good Friday, with Thursday being the last trade day for the week.
Export Sales data was released this morning, showing 1.562 MMT in the week ending on 4/10, on the higher side of the 0.6 and 1.8 MMT estimates for old crop bookings. That was nearly double the week prior and well above the same week last year. Mexico was the top buyer of 401,500 MT with Japan in for 263,300 MT and 240,000 MT sold to Spain. New crop totaled 10,000 MT, on the low side of the estimated range of 0-300,000 MT.
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Brazil’s CONAB estimates the country’s ethanol production at 37.19 billion liters, up from their prior 36.08 billion gallon estimate. Sugarcane, which is a large portion of the ethanol feedstock is expected to take up 29.35 billion gallons of that production total.
The Buenos Aires Grains Exchange estimated the Argentina corn crop at 28% harvested, which is above the 20% average pace for this week.
May 25 Corn is at $4.84 1/2, up 1/4 cent,
Nearby Cash is at $4.56 1/2, unch,
Jul 25 Corn is at $4.91 3/4, unch,
Dec 25 Corn is at $4.67 1/2, up 3/4 cent,
New Crop Cash is at $4.31 1/2, up 3/4 cent,
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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
