Corn Market Holding Some Gains

The corn market has retreated by ~10c from the Friday morning high. Prices are still 1 1/2 to 2 3/4 cents in the black. December is below the $5 mark at midday, after getting back over the round number earlier in the session. 

USDA’s weekly Ethanol report had cash prices from $2.02 to $2.43/gal this week regionally, with most quotes UNCH to 31 cents weaker. DDGS were quoted UNCH to $25/ton lower for the week from $190-$2.20/ton regionally. The cash corn oil market was mostly UNCH to a penny lower, though some regions saw higher quotes. Trade ranged from 60-70 cents/lb regionally. 

The updated 7-day QPF from NOAA has sporadic rainfall accumulations for most of the corn belt through the coming week. The heaviest concentrations are in N.W. SD, IL, and S.E. MO but most areas should see at least an inch. 

FAS data showed 107,521 MT of old crop US export corn sales for the week that ended 7/27. New crop bookings were 348,852 MT, which was within the range of estimates. The forward book was reported at 5.215 MMT, or 36% behind last year’s pace at a 4-yr low. 

The BAGE reported Argentina’s corn harvest reached 73% complete, as they maintained their 34 MMT estimate. The French Ag Ministry expects France will bring in 11.2 MMT for the ’23 corn harvest – up from 10.9 MMT last season, but still 16% below the 5-yr average. 

Sep 23 Corn  is at $4.82 1/2, up 1 3/4 cents,

Nearby Cash   is at $5.22 1/8, up 1 3/4 cents,

Dec 23 Corn  is at $4.95 3/4, up 2 1/4 cents,

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