Corn price action was mixed on Thursday with most contracts steady to a couple cents higher and nearby, thin July down 5 ¼ cents. Traders were squaring up ahead of USDA’s report on Friday. The front month CmdtyView national average Cash Corn price was unchanged at $3.85 1/4.
USDA reported a private export sale of 110,000 MT of corn to unknown destinations this morning, all for new crop.
Export Sales data from the morning showed old crop corn coming in above 375,000 and 900,000 MT estimates at 1.262 MMT the week ending on July 7/3. That was an 8-week high for sales and more than double the same week last year and the week prior. Mexico was the largest buyer at 469,900 MT, with 436,200 MT sold to Japan. New crop also exceeded the trade range of 150,000 to 700,000 MT estimate for that week at 888,562 MT. That was down from the week prior but still the second largest so far this year. The top buyer was Mexico at 423,900 MT, with Japan in for 304,800 MT.
CONAB estimates the Brazilian corn crop at 131.97 MMT via their monthly release, up 3.72 MMT from last month on a 3.54 MMT increase to the second crop corn. Ahead of the USDA report on Friday, a survey of traders by Bloomberg shows estimated production out of Brazil at 132.3 MMT.
Jul 25 Corn closed at $4.07 1/4, down 5 1/4 cents,
Nearby Cash was $3.85 1/4, down 0 cent,
Sep 25 Corn closed at $3.99 1/4, unch,
Dec 25 Corn closed at $4.16 1/2, up 1 cent,
New Crop Cash was $3.75 1/8, up 1/2 cent,
