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Corn Seeing Buying Ahead the Weekend

Austin Schroeder

1 min read

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Corn, blue sky - by Skitterphoto via Pixabay

Corn, blue sky - by Skitterphoto via Pixabay

Corn futures are trading with contracts 4 to 6 cents higher at Friday’s midday, as traders square up ahead of the Friday USDA reports. The front month CmdtyView national average Cash Corn price is up 5 3/4 cents at $3.92 3/4.

Ahead of the USDA Grain Stocks report, analysts estimate a total of 4.625 billion bushels of corn in stocks on June 1. That would be down 372 mbu from the year prior if realized. The range of estimates is at 4.459 to 4.798 bbu. Monday’s Acreage report is expected to show 95.4 million acres for corn according to a Bloomberg survey, up ~200,000 acres from March.

Export Sales data has total commitments at 67.574 MMT, which is 99% of USDA’s full year projection and slightly behind the 100% average sales pace.

Statistics Canada data from this morning showed estimated Canadian corn acreage at 3.732 million acres, up 2.2% from a year ago.

Jul 25 Corn is at $4.15 1/2, up 6 cents,

Nearby Cash is at $3.92 3/4, up 5 3/4 cents,

Sep 25 Corn is at $4.09, up 5 cents,

Dec 25 Corn is at $4.25 1/4, up 4 1/4 cents,

New Crop Cash is at $3.82 1/2, up 4 1/2 cents,

On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com