Corn prices have been trading on both sides of UNCH this morning, as May contracts prepare for options expiration. New crop prices are 3 3/4 to 4 3/4 cents lower so far. CME will raise the daily price limits for corn futures from 25 c/bu to 40 c/bu effective May 3.
USDA reported some new crop export sales this morning. The first was 336,000 MT to unknown, and private exporters sold 136,680 MT to Guatemala. South Korea issued an international tender, seeking 342,000 MT of optional origin corn.
The Rosario Grains Exchange upped their Argentine corn output forecast by 1.5 MMT to 50 MMT – citing better yields on increased harvested area for the Cordoba region. That matches USDA’s Ag Attaché forecast, but is 3 MMT above the official USDA April estimate of 47 MMT.
USDA’s Ag Attaché sees higher 2020/21 corn imports for China, up to 28 MMT of corn this season compared to USDA’s official 24 MMT estimate. For 2021/22, the Ag Attaché estimates China will only import 15 MMT of corn.
May 21 Corn is at $6.49 3/4, down 3/4 cent,
Jul 21 Corn is at $6.30, down 1 1/2 cents,
Nearby Cash is at $6.38 1/2, down 1 1/8 cents,
Dec 21 Corn is at $5.48 3/4, down 4 1/2 cents,
New Crop Cash is at $5.21 5/8, down 4 3/8 cents,
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