Corn Bulls Backing Off Ahead of the Weekend
Corn futures are backing off on Friday, with contracts down 2 to 4 cents. The front month CmdtyView national average Cash Corn price is down 3 1/2 cents at $4.33 3/4. The market will be closed on Monday for Memorial Day, as well as the government reports delayed, with a normal 7:00 pm CDT open on Monday.
Export Sales data now has corn commitments at 63.279 MMT as of May 15, up 28% from last year. That is also 96% of USDA’s export projection, and matches the average sales pace. Shipments have totaled 46.6 MMT, which is 71% of USDA’s number, ahead of the 69% average pace.
This morning, President Trump announced the potential for more tariffs, this time on EU products, stating they have been hard to deal with. Nothing is official, though he did float a 50% duty starting June 1. Unshipped sales for corn are 570,298 MT, with commitments at 3.68 MMT. Last year’s Commitments were 1.02 MMT in total, which was 1.8% of the full export total.
A Taiwan importer is tendering for 65,000 MT of corn, with a deadline of next Wednesday.
Jul 25 Corn is at $4.59 1/4, down 3 3/4 cents,
Nearby Cash is at $4.33 3/4, down 3 1/2 cents,
Sep 25 Corn is at $4.38, down 3 cents,
Dec 25 Corn is at $4.51, down 2 1/4 cents,
New Crop Cash is at $4.09 1/1, down 2 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.