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Corn Holding Fractional Gains on Friday
Corn futures are trading higher on Friday, with fractional to 1 cent gains so far at midday. Today will be the last trade session before a 3-day weekend, with the markets closed for Memorial Day on Monday.
Total US corn export sale commitments are now at 90% of the USDA full years forecast at 49.277 MMT, 7% behind the normal pact for this time in the marketing year. Actual shipments are 67% fi that projection, vs. the 72% average pace. For new crop, accumulated sales have total ed 2.61 MMT, which is down 5.2% from the same week a year ago.
The International Grains Council cut the world corn production estimate by 6 MMT to 1.220 billion MT. Mixed with a 2 MMT increase in consumption took the ending stocks number down 10 MMT from the April projection to 281 MMT.
Jul 24 Corn is at $4.64 1/4, up 1/4 cent,
Nearby Cash is at $4.42 1/2, up 1/4 cent,
Sep 24 Corn is at $4.73 1/2, up 1/4 cent,
Dec 24 Corn is at $4.87 1/2, up 1 cent,
New Crop Cash is at $4.49 1/1, up 3/8 cent,
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.