Estelline Coop Grain -

Corn Closes Firm after New Highs

Alan Brugler - Barchart - Fri Apr 09, 9:38PM UTC

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ZCK24 - Corn

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Following the report, old crop corn futures posted new highs, which for May was $5.95/bu, but prices were just fractionally higher to 2 1/2 cents in the red at the close. New crop prices stayed higher, ending the session up 1 3/4 to 2 1/2 cents. USDA left the average cash price for the MY at $4.30 for corn, but raised the sorghum cash price a nickel to $5.05.

Old crop corn carryout was reduced 150 mbu to 1.352 billion. That was the largest March to April cut since 2008 (155 mbu). Traders were anticipating a 124 mbu cut on average. Ethanol was 25 mbu higher to 4.975 bbu, feed and residual was raised 50 mbu, and exports were increased by 75 mbu to 2.675 billion.

The U.S. export market share was 36.3%, up from 35.4% in March, as the 1.91 MMT additional exports were partially offset by a 1 MMT cut to Ukraine. Global corn trade on net was 710k MT higher to 187.26 MMT. World carryout was lower than the expected 284.4, as USDA reported 283.85 MMT.

CFTC data from the week ending April 6 showed long liquidation from spec funds, as managed money’s net long was reduced by 8,965 contracts to 386,619. Commercials added shorts, but an increase to commercial longs as well reduced their net short by 12,650 contracts to 713,907.

May 21 Corn closed at $5.77 1/4, down 2 1/2 cents,

Jul 21 Corn closed at $5.62 3/4, up 3/4 cent,

Nearby Cash was $5.65 1/1, down 2 cents,

Dec 21 Corn closed at $4.96 1/2, up 1 3/4 cents,

New Crop Cash was $4.69, up 2 cents,

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