Corn Pressured by Overall Wet Forecast

Corn futures were busy focusing on the wetter outlook over the next week and ignored the drop to condition ratings from yesterday. Contracts closed with 5 to 9 ¼ cent losses across most contracts on the session. More rain is expected over the next week, outside of the flooded areas, covering much of the Corn Belt, and heavier totals near the IA/MO boarder spilling over to northern IL.

A private export sale of 209,931 MT of corn was reported to Mexico this morning, with 22,098 MT for old crop and 187,833 MT for new crop shipment. 

Yesterday’s USDA Crop Progress condition ratings in the Eastern Corn Belt with the most negative impact, as IL was down 11 points on the Brugler500 index, IN 18 points lower, and OH losing 16 points. There was likely some flooding impact, with MN slipping 15 points and SD down 12. IA saw a 1-point improvement, with MO up 7 points and NE 4 points higher.

The June Acreage report from USDA will be out on Friday, with the average trade estimate calling for a 317,000 acre increase to corn at 93.353 million acres. The trade range of estimates is 89 to 91.3 million acres. 

Grain Stock data released on Friday is expected to show 4.873 bbu of corn stocks as of June 1, which is 770 mbu above a year ago. The range of guesses is a wide 338 mbu, from 4.675 to 5.013 bbu.

Jul 24 Corn  closed at $4.25 1/2, down 8 cents,

Nearby Cash  was $4.12 7/8, down 6 3/4 cents,

Sep 24 Corn  closed at $4.31 3/4, down 7 3/4 cents,

Dec 24 Corn  closed at $4.43, down 8 3/4 cents,

New Crop Cash  was $4.08 3/8, down 7 1/2 cents,