Corn Fading by a Nickel

The turnaround Tuesday session has corn backing off by 2 1/4 to 5 1/2 cents across the front months. December futures were up another 3 3/4 cents at the session high, and are currently up nearly a dime from the day’s low.

Ukraine’s UkrAgroConsult estimates the max monthly shipment capabilities at 5 MMT for Ukrainian grain under the current circumstances. 

Brazil’s AgRural reported corn harvest at 47% for the C-S region’s 2nd crop. That is up from 36% last week and compares to 62% last year. 

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 improved. IA conditions converted to a 362 on the Brugler500, far below last year’s 392. 

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  is at $5.55, down 5 1/2 cents,

Nearby Cash   is at $5.98 1/8, down 5 3/8 cents,

Dec 23 Corn  is at $5.62 1/2, down 5 3/4 cents,

Mar 24 Corn  is at $5.73 1/4, down 5 cents,