Corn prices are down ½ to 1 ½ cents so far on Friday morning. Futures closed Thursday with losses of 7 to 10 ½ cents across most contracts, as increased supplies on USDA’s balance sheets added pressure. Open interest was up 5,819 contracts. The CmdtyView national average Cash Corn price was down 6 3/4 cents at $3.80 1/2.
Export Sales data from Thursday indicated 1.00 MMT of old crop corn business in the week of June 4. That was a 13.3% increase from last week and 26.4% larger than the same week last year. Japan was the top buyer of 373,100 MT, with 356,200 MT sold to Mexico. New crop sales were seen at 926,645 MT, taking new crop business to 4.124 MMT, a 31.6% increase from the same point last year. Japan was the lead buyer of 241,000 MT, with 237,500 MT sold to Colombia and 204,000 MT to South Korea.
