Corn Gains Weaker at Close

After trading with 5 to 7 cent gains at midday, corn backed down and finished the day just 1 1/4 to 3 cents higher. Preliminary OI in July was down to just 1,285 contracts as of Wednesday. There have been no deliveries against July futures reported yet. The national average cash corn price from cmdtyView is $3.29/bu, with ECB corn at a 20 1/4 cent premium to WCB prices. Weekly corn export bookings were at the top end of estimates with 599,242 MT (23.6 mbu). New crop corn export sales were also on the high end of estimates with 409,345 MT (16.1 mbu). NMY commitments are at 169.4 mbu, which exceeds forward bookings from the same time last year by 33%. China’s sold 3.97 MMT of corn from state reserves, which is routine this time of year. Domestic corn prices in the PRC have been elevated on tight supplies. The average selling price was 1,899 yuan/MT (~$6.75/bu).

Jul 20 Corn closed at $3.51 1/4, up 3 cents,

Sep 20 Corn closed at $3.48 3/4, up 2 1/2 cents,

Dec 20 Corn closed at $3.57, up 2 3/4 cents,

Mar 21 Corn closed at $3.66 3/4, up 2 1/4 cents,

--- provided by Brugler Marketing & Management

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