Thursday trading in the corn market saw weakness creep in, with losses of 3 1/2 to 4 ¾ cents at the close. May was 3 ½ cents in the red and back below $4.30, with December settling at $4.60, down 4 ¾.

USDA’s Export Sales report showed a 54% uptick in sales during the week that ended on April 11 to 501,166 MT. That was un the middle of the 300,000 MT to 900,000 MT estimates. Columbia was the top buyer of 273,700 MT. New crop bookings were tallied at 65,000 MT, vs. the trade expectations of 0-100,000 MT. 

The US ag attaché for Argentina reduced the unofficial corn production for that country to 51 MMT from 57 MMT back in January. Disease pressure is blamed. The attaché also expects 2024/25 production to be smaller because of more acreage switching to soybeans. 

The International Grains Council trimmed the world production estimate for 24/25 by 7 MMT to 1.226 million MT, citing a smaller US crop. The carryout is projected to be 291 MMT, down 6, with the 23/24 world ending stocks at 289 MMT.

May 24 Corn  closed at $4.26 3/4, down 3 1/2 cents,

Nearby Cash   was $4.10 1/8, down 3 3/8 cents,

Jul 24 Corn  closed at $4.36 1/4, down 4 3/4 cents,

Dec 24 Corn  closed at $4.60, down 4 3/4 cents,

New Crop Cash   was $4.23 5/8, down 4 7/8 cents,