Corn futures ended Monday just ~ a nickel off their session highs on 19 to 33 1/2 cent gains of as much as 6.4%. December printed the highest close since June on news over Black Sea escalations involving a Russian attack on export infrastructure.
NOAA’s 7-day QPF has limited rainfall with light accumulations for the ECB and some E. SD/NE of ~1” are all that register.
USDA’s weekly Crop Progress report had 68% of the national crop silking as of 7/23. That is 3% points ahead of normal, and included IA at 79% vs 71% on average. IL was 11% points ahead of normal with 88%. NASS also reported 16% in the dough stage vs 14% on average. National conditions were unchanged at a 351 on the Brugler500 Index. Colorado, MO, and MN all dropped on the week, while IL, KS, and TX all improved. IA conditions converted to a 362 on the Brugler500, compared to 392 last year.
USDA reported 309,981 MT of corn was shipped during the week that ended 7/20. That was down 101.5k MT from the week prior and down by 444k MT from the same week last year. Mexico was the week’s top buyer. The inspections report had the season’s accumulated shipment at 34.232 MMT, compared to 51.08 MMT at the same point last year.
Sep 23 Corn closed at $5.60 1/2, up 33 1/2 cents,
Nearby Cash was $6.04 5/8, up 33 cents,
Dec 23 Corn closed at $5.68 1/4, up 32 cents,
Mar 24 Corn closed at $5.78 1/4, up 30 3/4 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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