Corn Futures Market News and Commentary
The Friday recovery left the board 22 1/4 to 34 1/2 cents in the black going into the weekend. For new crop that equated to a 6 1/4 cent net loss for Thursday and Friday, but still a 31 3/4 cent drop for the week. Dalian Corn Prices in China were lower on Friday, closing at 2,685 yuan/MT (~ $10.57/bu) for July. China’s Sinograin auctioned the 37k MT of Ukrainian sourced corn on Friday, a token quantity.
USDA showed spot corn oil prices were 57-60 cents/lb through the week ending 6/18. That was UNCH to up from 55 – 61 c/lb last week, despite the break in palm and soy oil prices. From the Daily Ethanol Report, however, DDGS FOB prices were down from $224 - $275/ton to $224 - $255/ton during the week.
Argentinian port workers were back on strike for Friday, demanding access to the vaccines promised as a result of the prior strikes. BAGE reported Argentina’s corn harvest at 32% complete, with reports of better than expected yields. BAGE estimates the corn crop at 48 MMT. Read more