Corn is continuing the corrective action on Thursday, as contracts are down fractionally to 3 ents across the front months at midday. There were 364 contracts issued vs. May corn delivery overnight, with ADM stopping all of them for the house account. 

USDA issued a flash sale of 132,080 MT of corn sold to Mexico this morning, with 60,960 MT for the current MY and 71,120 MT for next MY. 

This morning’s Export Sales report showed corn bookings totaling 889,185 MT in the week that ended on May 2, in the middle of trade estimates. That was a 17.2% increase from last week and the largest total for this week in the last decade. Mexico was the top buyer of 193,400 MT, with 118,200 MT sold to Japan. New crop sales were tallied at just 49,130 MT.

Brazil’s production is on average expected to be cut be 1.7 MMT in Friday’s WASDE report, to 122.3 MMT. Argentina’s production estimate is seen at 52 MMT by analysts, compared to the 55 MMT from last month. 

May 24 Corn is at $4.42 1/2, down 3 cents,

Nearby Cash is at $4.34, down 1 1/2 cents,

Jul 24 Corn is at $4.57, down 1 1/2 cents,

Dec 24 Corn is at $4.79 3/4, down 1 1/2 cents,

New Crop Cash is at $4.43 1/1, down 1 5/8 cents,