Corn Futures Market News and Commentary
Monday corn trading has the board back up by 7 to 9 1/2 cents to lead off August. Going into the weekend, front month corn futures had given back 7 1/2 to 11 1/4 cents. Dec corn futures were 52 1/2 cents below the month’s open as of Friday, though much of that move was from the 4th of July weekend when futures fell from $5.79 3/4 to $5.55 1/4.
USDA’s weekly Export Inspections report showed 1.384 MMT of corn was shipped during the week that ended 7/29. That was a 6-wk high and was 90% above the same week last season. China was the top destination for the week with 61% of the total. USDA also added 147k MT to past reports bringing the MYTD total export to 62.81 MMT ( 2.473 bbu).
China’s Sinograin reported selling 25,999 MT of imported corn in a state auction, or 13% of the total offer.
Sep 21 Corn is at $5.54, up 7 cents,
Nearby Cash is at $6.20 1/4, down 1 3/8 cents,
Dec 21 Corn is at $5.54 3/4, up 9 1/2 cents,
Mar 22 Corn is at $5.62 1/2, up... Read more