Corn Futures Flip Red on Monday

After a short lived bounce, the corn market faded back into the red and ended the session fractionally to 2 1/2 cents weaker. December got a nickel over $5 earlier in the session. There have been no July corn 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. 

Weekly Crop Progress data showed, the corn crop reached 8% silking nationally. Including 4% in IA, 5% in IL, and 3% in NE. The average pace would be 9% nationally, and 4%, 13%, and 3% respectively for those states. Crop condition ratings were 1 point better on the Brugler500 Index to 340. The most notable changes from last week included sharp drops for CO, KS, and MO vs. improvements in IL, IN, IA, MI, MN, and SD.  

The monthly Grain Crushing data had 437.54 mbu of corn used for ethanol production in May. The trade was looking for NASS to report 431.3 mbu. That set the season’s total at 3.835 bbu, or 73% of the forecast with Q4 remaining. Barring a cut to the forecast, production needs to average 471.5 mbu/month to be at 5.25 bbu for the MY; last year’s Q4 averaged 440.2 mbu/month. 

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. 

Sep 23 Corn  closed at $4.88, down 1/2 cent,

Nearby Cash   was $5.27 5/8, down 2 1/8 cents,

Dec 23 Corn  closed at $4.93 1/2, down 1 1/4 cents,

Mar 24 Corn  closed at $5.04 1/2, down 2 cents,