Corn prices were under pressure this week, with the Jul-23 contract dropping 20 cents.

The Dec-23 futures contract closed last week, down 9 cents —the lowest since late July 2022.

Confidence seems to be growing that Brazil will hold onto their current corn crop estimate near 125 MMT: Enough moisture has been present as the dry season nears in May and the crop enters pollination.

U.S. corn export sales were not very strong last week at just 12.3 million bushels for 2022/23. China was U.S. corn’s #1 customer for a couple years after resolving the trade war, but their buying has returned to previous, lower levels. Mexico is not adding much to outstanding sales, either. Sales of new-crop 2023/24 corn are starting to pick up and, as of Apr. 13, totaled 2.42 MMT.

Russia continues to posture for a closing of the grain export corridor once the deal expires on May 18.

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Source: 123rf.com
Posted by: Information Services
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