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“Prices were $.01-$.02 higher in choppy 2-sided trade. Spreads were mixed and little changed. July-26 held support at its 50-day MA while holding near the midpoint of its $4.50-$4.80 range. The BAGE held their production forecast unchanged at 61 mmt, well above the UDSA forecast of 52 mmt. Harvest was reported as only 26.5% complete. U.S. lawmakers continue to make a push for the year-round sale of E-15. While the pace of U.S. planting will be slower than normal in the last week of April, they will likely remain above their historical average. Export sales at 69 mil. bu. was in line with expectations and brought old crop commitments to 2.917 bil. bu. up 28% from YA, vs. the USDA forecast of up 15.5%. Commitments represent 88% of the USDA forecast, above the historical average of 84%. Noted buyers were Korea – 14 mil., Japan – 13 mil. while Mexico bought 17 mil. bu. of new crop. U.S. corn acres in drought rose 1% to 27%,” according to Mark Soderberg with ADM Investor Services.





