Corn Shrugs off Export Sales Report with Help from Wheat

Corn futures are rebounding 2 to 4 1/2 cents higher in the front months on Thursday, with strength in wheat supportive. The USDA showed data for old crop corn export sales in the week of May 30, with a net reduction of 8,788 MT, well below the bottom end of estimates. This was also the week nearby corn was at a 3-year high, with US competitiveness dropping. New crop sales totaled just 23,458 MT. Monthly export data from Census indicated 5.472 MMT (215.43 mbu) of corn shipped in April, up 14.7% from March but 29.04% lower yr/yr. A Bloomberg survey found the average analyst estimate for 2019/20 corn ending stocks dropped to 1.772 billion bushels from the May USDA figure of 2.485 billion.

Jul 19 Corn is at $4.19 1/4, up 4 1/2 cents,

Sep 19 Corn is at $4.28 1/2, up 4 1/4 cents,

Dec 19 Corn is at $4.37 1/4, up 3 3/4 cents

Mar 20 Corn is at $4.45 1/4, up 3 1/4 cents

--provided by Brugler Marketing & Management

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