Corn Round Out the Week with Midday Friday Weakness
Corn is posting losses of 1 to 5 ½ cent across most contracts on Friday, closing out the week with weakness.
Weather through the weekend shows much of the WCB drier, with portions of the ECB shifting drier. The entire Corn Belt looks wetter getting into next week.
USDA's Export Sales report from Thursday showed old crop corn bookings at 742,177 metric tons for the week ending on May 9th, coming in on the low side of estimates. That was a 4-week low and down 16.5% compared to last week. Mexico was the top buyer of 244,400 MT, with Japan buying 241,300 MT. New crop bookings came in at a 3-week high of 128,230 MT, all to Mexico.
Argentina’s corn crop is now rated at 14% gd/ex according to Buenos Aires Grain Exchange, down 3% from the previous week. Harvest was reported at 25.4% complete.
Jul 24 Corn is at $4.52 1/2, down 4 1/2 cents,
Nearby Cash is at $4.28 1/4,
Sep 24 Corn is at $4.63 1/2, down 4 1/4 cents,
Mar 25 Corn is at $4.90 3/4, down 4 cents,
New Crop Cash is at $4.47, down 4 1/2 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.
