Corn Futures Market News and Commentary
Midday corn trading has futures up double digits through July ’21, with gains of as much as 13 cents. USDA announced a large export sale of 110,000 MT of corn to unknown destinations, which was split 28% old crop and 72% new crop. In the weekly export sales report corn bookings were 377,188 MT for old crop and 553,144 MT for new crop. New crop sales were down big from the 2.6 MMT last week, but still 79.8% above the same week yr/yr. 2020/21 milo sales on the week were the second highest on record with 527,500 MT booked – with 66% to China and the remainder to unknown. FSA reported 81.12m acres were certified planted for corn. That was the lowest confirmed August planting since data became available in ’07. Note that with coronavirus impacts there could be a backlog of registrations and paperwork. The data is as of July 31. The monthly CASDE (China’s Ag Ministry supply and demand estimates) has 2020/21 corn use at 288 MMT.
Sep 20 Corn is at $3.27, up 12 1/2 cents,... Read more