Chicago Board of Trade (CBOT) corn futures slipped on Thursday, after government export sales data showed less-than-expected demand for US grain stocks. CBOT September corn settled down 5-1/2 cents at $4.18-1/2 per bushel. New-crop December corn closed down 3-1/4 cents at $4.27-1/2 a bushel.
Early in the day, corn traded steady to slightly firm on uncertainty about US yield prospects and a few dry patches emerging in parts of the Midwest crop belt. But as the day progressed, market concerns about demand for US grain - not only old crop, but also new crop - began to weigh on futures and prompted some selling, traders said.
Old-crop corn export sales were below expectations at a six-week low. New-crop sales topped estimates. The USDA reported net export sales of US corn in the week ended July 18 at 507,800 tonnes (old and new crop years combined). The International Grains Council lowered its forecast for 2019/20 world corn (maize) production by 3 million tonnes to 1.092 billion tonnes, with a cut to China's outlook partly offset by an upward revision for Brazil.
Comments
Comments are closed.