Corn was down by 1.8% to 2.5% on Tuesday and closed near the lows for the day. Futures were down by double digits through the July ’24 contract.
The Chinese yuan fell sharply after an emergency meeting of the central bank decided to cut rates to stimulate the economy. The USD/CNY was similar to October of last year at 7.28:1, both of which are the strongest dollar (/weakest yuan) since 2008. Dalian Corn Prices have slipped some, but remain mostly firm on the board near 2,622 yuan/MT after the rally last week. The catch is the $/bu conversion is back to the low of the month given the currency drop.
Barchart’s updated cmdtyView Corn Yield was lowered 0.46 bpa to 177.9. That is still 4.8 bpa above the USDA, though production remains 124 mbu lighter at 14.987 bbu. At the state level: they trimmed IA 0.8 to 196.5 (USDA @ 203), lifted IL 0.31 to 193.4 bpa (201), left NE at 189 (184), and see MO at 155 (143).
USDA reported 398k MT of corn exports for the week that ended 8/10. Accumulated corn export inspections were reported at 35.610 MMT or 1.402 bbu.
Sep 23 Corn closed at $4.64, down 11 3/4 cents,
Nearby Cash was $5.04, down 10 3/4 cents,
Dec 23 Corn closed at $4.75 1/2, down 12 1/4 cents,
Mar 24 Corn closed at $4.89 1/4, down 12 1/4 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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