Corn Market Firming for New Month

Midday prices are off their highs, but still 2 to 3 3/4 cents higher in the solo Monday session ahead of the Independence Day holiday. July corn prices are up 7 cents so far as they work through the delivery process. There have been no deliveries to date. The markets will be closed tomorrow, with a hard 8:30 open on Wednesday morning.

The updated 7-day QPF from NOAA has heavy rainfall in the forecast for S.W. Missouri totaling 4”. Southern MN / N.W. IA will also get some precip of ~2” through the week. The majority of the corn belt will see some moisture, though mostly ~1” accumulated. 

South Korea’s MFG is on the market for 140k MT of feed corn. 

The weekly Export Inspections report showed 642,900 MT (25.3 mbu) were shipped during the week that ended 6/29. That was a 17% increase for the week, but was still 27% below the same week last year. The season’s total export reached 33.128 MMT (1.304 bbu), which trails last year’s 48.3 MMT (1.901 bbu) pace. 

The June Acreage Survey put corn area at 94.1m acres. That was a 2.2m acre increase from the March Intentions. IL saw the largest boost with 500k acres increased from March. The Quarterly Grain Stocks count was 4.106 bbu for June 1st. That was a 5.6% reduction from last year’s volume and implied a 3.3 bbu consumption (LY @ 3.41 bbu). Of the count, USDA had 2.221 bbu on farms and 1.885 bbu off farms. 

Sep 23 Corn  is at $4.93 1/4, up 4 3/4 cents,

Nearby Cash   is at $5.32 1/8, up 3 3/8 cents,

Dec 23 Corn  is at $4.98 3/4, up 4 cents,

Mar 24 Corn  is at $5.10, up 3 1/2 cents,