Corn Futures Market News and Commentary
Afternoon trading recovered some of the double digit midday losses, but prices were still 4 3/4 to 5 1/4 cents weaker at the close. Sept ’22 contracts ended the session with a fractional gain. China’s Guizhou Province issued a high temperature alert and declared drought presence, nudging prices off the lows. In 2019, Guizhou accounted for about 1.3% of China’s corn area.
Brokerage firm StoneX estimated the national corn yield at 176.9 bpa for a 14.945 bbu crop. StoneX saw Illinois with the highest state average yield of 203 bpa. Iowa was estimated at 199, ND at 120, SD at 145 and Minnesota was forecasted at 181 bushels per acre.
EIA data showed ethanol plants averaged 1.013 million barrels per day in production through the week ending 7/30. That was 1,000 bpd below last week. Ethanol stocks were down 84k barrels to 22.65 million.
The U.S. Grains Council reported DDGs export prices were $8/MT higher on the week ending 7/29 to $233/MT NOLA August shipment, and $25... Read more