Corn Joining in on Friday’s Buying
Corn futures are trading with 2 to 5 cent gains on Friday, in a seemingly reluctant (compared to other grains) pop into the weekend. The front month CmdtyView national average Cash Corn price is up a nickel at $4.20.
Crude oil is backing off the overnight highs, with gains of $3.98/barrel, following Israel strikes on Iran overnight.
The next 7 days are expected to be wet, with areas stretching from eastern KS, through MO and parts of the Eastern Corn Belt expecting to see precip through Monday. Portions of the Western Corn Belt through northern IL are forecast to receive rains in the middle of next week.
Weekly Export Sales data indicated total corn commitments at 65.929 MMT, which is now 98% of the newly updated export forecast and is slightly behind the 99% 5-year average pace. Actual FAS shipments are now 51.541 MMT, which is 76.5% of the USDA estimate and lags behind the 78% average shipping pace.
Thursday’s WASDE report from the USDA showed a 50 million bushel increase to the US export projection. That dropped the old crop US ending stocks figure by the same amount to 1.365 billion bushels.
Jul 25 Corn is at $4.43 1/2, up 5 cents,
Nearby Cash is at $4.20 1/1, up 5 cents,
Sep 25 Corn is at $4.28, up 1 3/4 cents,
Dec 25 Corn is at $4.42 1/2, up 2 cents,
New Crop Cash is at $4.00 3/4, up 1 3/4 cents,
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.