Corn Futures Climbing Back at Midday

Corn is sitting near the highs for the day rolling into midday. Futures are back up by 11 3/4 to 13 1/2 cents. July futures are up by 26 cents on just 143 contracts of OI going into the LTD tomorrow. 

NOAA’s updated 7-day QPF kept rain in the forecast for the ECB and Southern Plains. Accumulations are expected to top out at 3”, but most can expect at least an 1”. IA, MN, and the Dakotas will mostly miss out, and NE will see limited rainfall in the coming week. 

USDA reported 468k MT of old crop corn was sold for export during the week that ended 7/6. That was above the range of estimates going in. New crop bookings were also 470,807 MT for the week and were also above estimates. That left the total forward book at 4.04 MMT, or 40% behind last season’s pace. 

USDA’s monthly WASDE data had old crop corn stocks a net 50 mbu tighter. New crop supply was published at 16.747 bbu, from the 16.742 bbu in June’s report. Production was a net 55 mbu higher after USDA’s 4 bpa yield trim mostly washed out the 2m additional acres. No demand changes were made, leaving a 2.262 bbu carryout for 23/24. 

The WAOB reported their Brazilian corn production estimate at 133 MMT, matching the trade average guess with a 1 MMT increase from June. CONAB reported the figure at 127.8 MMT this morning, just a 2.05 MMT increase. CONAB raised total output via a 1.66 bpa equivalent yield boost to 91.51 bpa for 2nd crop. 

Sep 23 Corn  is at $4.90 1/2, up 14 1/4 cents,

Nearby Cash   is at $5.35, up 14 1/8 cents,

Dec 23 Corn  is at $4.97 1/4, up 13 1/2 cents,

Mar 24 Corn  is at $5.08 3/4, up 13 1/2 cents,