Corn futures headed into the long weekend, with some front month weakness as money was being taken off the table. Old crop contracts were fractionally to 2 cents lower, as new crop was steady to fractionally higher. May was down 9 ¾ cents this week, with December dropping 9 cents. The CmdtyView national average Cash Corn price was down 2 1/4 cent at $4.12 1/2. Crude Oil was up $11.94 at $112.06, after President Trump’s address the nation on Wednesday night that indicated 2-3 weeks more of strikes and an uncertain fate to the Strait of Hormuz. The market is closed on Friday in observance of Good Friday. The Monday session will have a normal Sunday night open.
Export Sales data from Thursday morning showed 1.15 MMT for old crop business in the week ending on 3/26. That was down 5.6% from last week and 2% below the same period last year. Mexico was the top buyer of 170,700 MT, with Japan purchasing 168,800 MT and 150,900 MT in sales to Taiwan. New crop business was tallied at 102,609 MT, all to Mexico.
Monthly export data from Census showed a total of 6.77 MMT (266.5 mbu )of corn exported in February, a record for the month and 2.44% above the January. Distillers exports were up 8.26% vs. a year ago at 919,855 MT. Ethanol shipments were a February record 794.45 million gallons.
May 26 Corn closed at $4.52 1/4, down 2 cents,
Nearby Cash was $4.12 1/2, down 2 1/4 cents,
Jul 26 Corn closed at $4.63 1/4, down 1 3/4 cents,
Dec 26 Corn closed at $4.81 1/4, unch,
New Crop Cash was $4.38 3/4, down 0 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. This article was originally published on Barchart.com
