Corn is trading with 1 to 3 cent losses early on Friday morning. Futures closed out the Thursday session with July up ¾ cent and other contracts 3 to 5 cents in the green. Thursday’s Preliminary open interest dropped 14,425 contracts, with a bulk of that continuing out of the July, down 16,906 contracts ahead of the Goldman roll starting today. The front month CmdtyView national average Cash Corn price was up a penny at $4.15. 

The weekly Export Sales report this morning showed 942,276 MT of old crop corn sold in the week ending on May 29. That was back up from the week prior but down 20.2% from the same week last year. Mexico was the buyer of 362,300 MT, with Japan purchasing 13,500 MT and South Korea buying 138,600 MT. New crop was at 160,116 MT, as unknown destinations purchased 65,000 MT.

Monthly Census data showed 7.78 MMT of corn shipped in April (289.36 mbu). That was up 6.08% from March, a 21.06% increase from last year, and the second largest for the month behind 2021 on record. Distillers exports totaled 894,197 MT, which was down 7.83% from last year. Ethanol shipments were 172.26 million gallons, a 19.58% decline from last year’s monthly record.

Brazil corn export s during May totaled just 38,928 MT, which was well below the 413,374 MT in the same month last year.

Argentina’s corn crop is 43.8% harvested according to the Buenos Aires Grain Exchange as their production forecast is at 49 MMT.

Jul 25 Corn  closed at $4.39 1/2, up 3/4 cent, currently down 3 cents

Nearby Cash  was $4.15, up 1 cent,

Sep 25 Corn  closed at $4.31 1/2, up 3 1/2 cents, currently down 2 cents

Dec 25 Corn  closed at $4.48 1/4, up 4 1/2 cents, currently down 2 1/4 cents

New Crop Cash  was $4.04, up 3 3/4 cents,