Corn Starting Friday With A Bounce
Overnight action in the corn market has prices up 3 to 4 cents this morning. Corn was lower on Thursday, with losses of 3 1/2 to 4 ¾ cents at the close. May was 3 ½ cents in the red and back below $4.30, with December settling at $4.60, down 4 ¾.
USDA’s Export Sales report showed a 54% uptick (vs. the depressed Easter week) in sales during the week that ended on April 11 to 501,166 MT. Columbia was the top buyer of 273,700 MT. New crop bookings were tallied at 65,000 MT, vs. the trade expectations of 0-100,000 MT.
The US ag attaché for Argentina reduced the unofficial corn production for that country to 51 MMT from 57 MMT back in January. Disease pressure is blamed. The attaché also expects 2024/25 production to be smaller because of more acreage switching to soybeans. The BA grain exchange estimates 17% of the Argentine 2024 crop has been harvested, up only 2% from last week.
The International Grains Council trimmed the world production estimate for 24/25 by 7 MMT to 1.226 million MT, citing a smaller US crop. The carryout is projected to be 291 MMT, down 6, with the 23/24 world ending stocks at 289 MMT.
Source Link : https://www.barchart.com/story/news/25598869/corn-starting-friday-with-a-bounce
