Corn Market Higher on Bargain Hunting

Corn futures are trading 1 to 1 1/2 cents higher this morning. They ended Thursday with fractional to 2 cent gains in the front months. Preliminary open interest plunged 41,861contracts, with many exiting May ahead of options expiration today and not re-entering other months. This morning’s USDA Export Sales report showed old crop corn sales in the week of April 18 in the middle of the range of estimates at 779,872 MT. That was down from the previous week but 23.51% larger than the same week in 2018. Japan was the top buyer of 349,400 MT, with 310,500 MT sold to Mexico. The report did show 60,000 MT in sorghum sales to China, with 190,000 MT in unshipped sales on the books for 18/19. The International Grains Council estimates show 19/20 ending stocks at 275 MMT, up 9 MMT from their prior estimate on an increase to production. That would still be well below the prior year at 311 MMT. Argentina’s corn harvest is 28.1% complete according to the Buenos Aires Grain Exchange, slightly above the 27.1% normal pace. --provided by Brugler Marketing & Management




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