Corn futures experienced a downturn in trading leading up to the USDA’s Grain Stocks and Planted Acreage reports scheduled for Friday, with losses ranging from 1 ¾ to 6 ¼ cents. While the Drought Monitor highlighted expanding dryness reaching the D1 stage in parts of the Eastern Corn Belt, weather forecasts indicate potential relief for the region over the coming week.
In the latest Export Sales report, old crop corn sales for the week ending June 20 totaled 542,177 MT, slightly higher than the previous week but at the lower end of trade estimates. The majority of these sales, amounting to 453,700 MT, were purchased by Mexico, with Japan following with 137,800 MT in net purchases. Notably, there were net reductions of 277,700 MT from unknown destinations due to switches. New crop sales increased to 139,298 MT, marking a 4-week high and falling within the estimated range of 0 to 200,000 MT.
Statistics Canada’s acreage data released today indicated a decrease of 4.8% year-over-year, with 3.64 million corn acres planted across Canada this year. Meanwhile, the Argentine corn harvest, according to the Buenos Aires Grain Exchange, is reported to be 55% complete. The International Grains Council’s update on Thursday maintained world ending stocks for corn at 281 MMT, with an offsetting 3 MMT increase in production balanced by higher estimated consumption.
At the close of trading, corn futures for Jul 24 closed at $4.13 3/4, down 6 1/4 cents, while nearby cash prices settled at $4.02 5/8, a decrease of 5 cents. Sep 24 Corn closed at $4.22 1/2, down 3 cents, and Dec 24 Corn closed at $4.33 3/4, down 2 3/4 cents, with new crop cash prices at $3.99 5/8, down 3 3/4 cents.
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