Old crop corn futures are stuck at the limited 25 cent gain at midday. May options expire tomorrow, as prices are at $6.50 and 1/2 per bushel. New crop prices are 15 3/4 to 20 3/4 cents in the black.

USDA’s weekly Export Sales data showed 387,531 MT of old crop corn was sold during the week ending 4/15. That was at the low end of estimates, and down 42% yr/yr. New crop corn sales came in below estimates with 29,502 MT sold. The top buyers for the week were Mexico and S. Korea. China reportedly canceled 123,900 MT on the week, though 65k MT were switched to S. Korea. For sorghum, weekly data showed 7,012 MT sold for 2020/21 delivery and 116,000 MT for NMY.

USDA’s Ag Attaché sees higher 2020/21 corn imports for China, citing increased feed despite the PRC’s recently announced policy to reduce corn and soymeal’s portion of feed rations. The Ag Attaché estimates China will import 28 MMT of corn this season, compared to USDA’s official 24 MMT estimate. For 2021/22, the Ag Attaché estimates China will only import 15 MMT of corn.

May 21 Corn  is at $6.50 1/2, up 25 cents,

Jul 21 Corn  is at $6.31 1/2, up 25 cents,

Nearby Cash is at $6.39 2/5, up 25 cents,

Dec 21 Corn  is at $5.53 1/2, up 17 cents,

New Crop Cash is at $5.26 2/7, up 17 1/8 cents,