After the sharp losses on Monday, Tuesday corn futures bounced back. Old crop futures ended the session with double digit gains, the May to July inverse is still 37 1/4 cents ahead of Friday’s expiration. New crop futures closed 1 1/2 to 6 cents higher, as December prices are $1.11/bu below July. 

USDA flashed another new crop corn sale to China, as private exporters had reported selling 680,000 MT this morning. 

Ahead of the May WASDE update the trade is looking for USDA to drop old crop world corn stocks to 279.4 MMT. That would be down 4.5 MMT from the April figure reflecting an expected 6 MMT cut to Brazil’s production. For new crop traders anticipate USDA to show global corn stocks between 269 and 309 MMT, with an average of estimates at 284. 

For domestic stocks, traders on average anticipate USDA to show a 76.8 mbu cut to 1.275 bbu. The initial new crop carryout is estimated to fall between 1.135 and 1.508 billion bushels. The average of estimates is to see 1.327 reported on Wednesday. 

May 21 Corn  closed at $7.59 1/2, up 11 1/2 cents,

Jul 21 Corn  closed at $7.22 1/4, up 10 1/2 cents,

Nearby Cash  was $7.37, up 10 5/8 cents,

Dec 21 Corn  closed at $6.11 1/4, up 2 cents,

New Crop Cash  was $5.86 1/4, up 2 1/8 cents,