Corn Market Down On Increasing Export Competition

Corn futures are showing 1 to 2 cent losses in the front months on Friday. Due to the recent lagging sales totals, total export commitments are now 9.2% below the same time a year ago. Even with a reduction in the WASDE forecast on Tuesday, shipments and unshipped sales are just 75% of the 2.3 bbu projection vs. the average of 84%. Most of that can be blamed on the lack of unshipped sales, as exports are 53% of USDA’s number, 2% ahead of the average. BAGE pegged the Argentine corn harvest at 21.2% complete on 4/10, 2.1% above normal but lagging 3.5% from last year. An international tender from Turkey is seeking 300,000 MT of corn and closes on April 24.

May 19 Corn is at $3.59, down 1 cent,

Jul 19 Corn is at $3.67 1/4, down 1 1/2 cents,

Sep 19 Corn is at $3.75 3/4, down 1 cent

Dec 19 Corn is at $3.87 1/4, down 1 1/4 cents

--provided by Brugler Marketing & Management

Market Commentary provided by:

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