Corn futures are down 9 to 11 cents in the front months on Friday. There were 124 deliveries issued for May corn futures overnight. The CmdtyView national average Cash Corn price is down 11 cents to $4.16 3/4.
Export Sales data showed total corn commitments at 77.748 MMT as of May 7 after last week’s disappointing number. That is still a 25% increase yr/yr and is now 93% of the USDA forecast compared to the 95% average sales pace. Export shipments are 55.8 MMT, which is 69% of that number and running ahead of the 66% average pace. US FOB prices are still competitive on the world market, though a larger Argentina crop is cutting into that.
