Corn futures are trading at or near their overnight lows with another 1.6% to 2.4% loss early on Wednesday. Yesterday, corn futures found afternoon buying interest and rallied back about half of their sharp loss. The July contract still closed a dime in the red yesterday. The market as a whole closed 8.8k contracts and added 16.3k new options. Most of the long liquidation came from July and Dec, though Sep added 5.3k contracts. Dec puts were the most prevalent option play yesterday.Â
The weekly Crop Progress report had 22/23 corn planting finished on 92% of the intended acreage and remains 8% points ahead of average. North Dakota was 72% planted compared to 32% last week and 73% on average. National emergence reached 72% as of 5/28, compared to 63% on average. The initial NASS condition ratings were 1% VP, 4% P, 26% F, 58% G, and 11% E which converts to a 374 on the Brugler500 index. Last year’s initial reading was 380.
Today is the final planting date for full insurance coverage in IA, MN and WI. States to their west were earlier. ECB states are June 5. Producers can plant after those dates but lose some insurance coverage for each day they are late.Â
USDA’s weekly Export Inspections report showed 51.71 mbu of corn was shipped during the week that ended 5/25. China was the top destination with 467k MT of the total, as they are shipping what they did not cancel. The weekly report’s data showed 1.129 bbu of corn had been shipped for the marketing year as of 5/25.Â
Brazil’s AgRural reported 2nd crop harvest was 0.8% finished in the Center-South region as of 5/25. That is slightly below the 1.2% pace last year. AgRural has the corn production forecast at 127.4 MMT, from 125.1 MMT prior estimate. Safras and Mercado also raised their outlook to 137 MMT.Â
Jul 23 Corn  closed at $5.94, down 10 cents, currently down 9 cents
Nearby Cash  was $6.27 7/8, down 9 3/4 cents,
Sep 23 Corn  closed at $5.20, down 9 cents, currently down 12 cents
Dec 23 Corn  closed at $5.25 1/4, down 9 1/4 cents, currently down 12 cents
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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