Corn Rallies into the Close, Approaching Month End
Corn futures posted gains of 4 to 6 ½ cents across most contracts on Thursday, with a positive Export Sales report providing assistance. Month end short covering was also helping things out. The market will be closed on Monday in observance of Labor Day.
USDA reported a private export sale of 118,000 MT of 2024/25 sorghum to China this morning.
Weekly Export Sales data showed just 15,291 MT of 2023/24 sales in the week that ended on August 22. That was a marketing year low as we get closer to the end of the MY and in the middle of the estimates of net reductions of 100,000 to sales 200,000 MT. New crop sales were pegged at 1.494 MMT, which was a MY high and above the estimated range of 700,000 MT to 1.4 MMT. Mexico was the largest buyer of 419,700 MT, with unknown destinations in for 391,200 MT.
Sep 24 Corn closed at $3.71 3/4, up 6 1/2 cents,
Nearby Cash was $3.55 3/8, up 6 3/4 cents,
Dec 24 Corn closed at $3.96, up 5 1/4 cents,
Mar 25 Corn closed at $4.14, up 4 1/4 cents,
New Crop Cash was $3.55, up 8 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.