Corn futures closed out the Pre-WASDE trade session with contracts down 1 to 2 ¾ cents across most contracts. A few deferreds were steady to 1 ¼ cents higher.

USDA issued a flash sale of 132,080 MT of corn sold to Mexico this morning, with 60,960 MT for the current MY and 71,120 MT for next MY. 

This morning’s Export Sales report showed corn bookings totaling 889,185 MT in the week that ended on May 2, in the middle of trade estimates. That was a 17.2% increase from last week and the largest total for this week in the last decade. Mexico was the top buyer of 193,400 MT, with 118,200 MT sold to Japan. New crop sales were tallied at just 49,130 MT.

Analysts are expecting to see old crop stock for the US with a 28 mbu cut in tomorrow’s reports to 2.094 bbu. The new crop balance sheet is expected to be a little more bearish, with production estimated at 14.869 bbu and carryout at 2.282 bbu. World ending stocks for 23/24 are pegged at 314.9 MMT, a 3.4 MMT cut from April. The 24/25 carryout is expected to build to 319 MMT.

May 24 Corn  closed at $4.42 3/4, down 2 3/4 cents,

Nearby Cash  was $4.34 1/2, down 2 cents,

Jul 24 Corn  closed at $4.56 1/2, down 2 cents,

Dec 24 Corn  closed at $4.80, down 1 1/4 cents,

New Crop Cash  was $4.43 1/4, down 1 1/4 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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.