Corn Fading Early Gains at Midday
Corn futures are slipping of the early session strength on Friday, with contracts down 1 ½ to 3 ½ cents in the nearbys and up 1 to 2 cents in the new crop contracts. Some precip is expected to make its way across the US over the next week, possibly slowing the so far (through last Sunday at least) rapid planting pace.
There were 441 contracts delivered against May corn overnight, with ADMIS on both sides (customers vs. house), and a JPM customers the largest stopper.
StoneX raised their Brazilian corn crop production total to 125.6 MMT, 1.37 MMT above their previous number. As for the Argentina crop, the Buenos Aires Grain Exchange slashed 3 MMT from their projection to 46.5 MMT, citing poor weather and stunt disease caused by insect issues. USDA was still at 55 MMT in April. Harvest was 22.1% complete in the BAGE report.
May 24 Corn is at $4.48 1/2, down 3 1/2 cents,
Nearby Cash is at $4.36 3/8, down 1 1/2 cents,
Jul 24 Corn is at $4.58 1/2, down 1 1/4 cents,
Dec 24 Corn is at $4.81, up 1 1/2 cents,
New Crop Cash is at $4.45 3/4, up 1 1/4 cents,
On the date of publication, Alan Brugler 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.
