Corn is extending the gains from the Tuesday session today. Old crop prices are another 10 1/4 to 11 1/4 cents higher. New crop corn prices are 3 1/2 to 4 cents in the black so far.
Ahead of the weekly Export Sales report on Thursday, traders are looking for 500,000 to 900,000 MT of old crop corn bookings from the week ending 4/8. New crop corn sales are estimated to have been below 300,000 MT.
Through April 12, 58.6% of Brazil’s 1st crop corn was harvested. That was up 8 ppts from the week prior, and 3.8% points ahead of last season’s pace. Planting for 2nd crop in Brazil reached 99.6% complete, with just Sao Paulo and Parana left. Wire reports cite Parana 2nd crop corn condition ratings were just 76% good, when their average rating is typically 93%.
South Korea purchased 65,000 MT of optional origin corn via international tender. This was news because they have been focusing on buying feed wheat and not corn.
May 21 Corn is at $5.91 1/4, up 11 1/4 cents,
Jul 21 Corn is at $5.77, up 10 1/2 cents,
Nearby Cash is at $5.80 4/5, up 11 1/2 cents,
Dec 21 Corn is at $5.08 1/4, up 4 cents,
New Crop Cash is at $4.80 7/9, up 4 cents,
