Corn Showing Higher Trade Ahead of the Long Weekend

Corn futures are showing 3 to 4 cent gains across the front months on Friday at midday. The market will be closed on Monday in observance of Labor Day. There were 12 deliveries issued on first notice day for September corn futures, with an R.J.O’Brien client stopping all 12.

Export sale commitments for old crop are 98% of the USDA forecast at 55.951 MT, with the average pace at 103% of that projection. FAS accumulated shipments are 52.949 MMT, or 93% of USDA’s export number, lagging the 98% average. Forward sales for new crop have jumped to 9.42 MMT, which is up 12.9% from the same period last year and in the middle of the past 10 years.

Taiwan purchased a total of 65,000 MT of corn in a recent tender overnight, with the expected origin out of South America. 

Sep 24 Corn is at $3.75 1/2, up 3 3/4 cents,

Nearby Cash is at $3.60 5/8, up 4 1/4 cents,

Dec 24 Corn is at $3.99, up 3 cents,

Mar 25 Corn is at $4.17, up 3 cents,

New Crop Cash is at $3.59 1/2, up 4 1/2 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.