Corn Posting Gains Following 10-week High in Export Business
Corn futures are showing gains of 2 to 3 ½ cents across the front months on Thursday, pulled up by spillover support from wheat and positive Export Sales data.
USDA reported corn bookings of 1.3 MMT for the week of 4/18 in this mornings’ Export Sales report. That was a 10-week high and well above the trade range of estimates. Mexico was the top buyer of 390,500 MT, with 252,000 MT sold to South Korea and 233,200 MT to Japan. New crop sales totaled 262,282 MT in that week, with most of that purchased by Mexico.
On Wednesday, Nebraska’s governor Pillen signed a bill that includes a tax credit for production of SAF. The tax credit is 75 cents/gallon for SAF that meets a 50% reduction in greenhouse gasses compared to fossil based aviation fuel.
May 24 Corn is at $4.40 1/4, up 2 1/2 cents,
Nearby Cash is at $4.25, up 2 5/8 cents,
Jul 24 Corn is at $4.52, up 3 1/2 cents,
Dec 24 Corn is at $4.75 1/4, up 2 1/2 cents,
New Crop Cash is at $4.39 1/1, up 2 5/8 cents,
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.