Corn Eking Out Gains to Start Wednesday Trade

Corn prices are showing fractional to penny gains this Wednesday morning. Futures were busy focusing on the wetter outlook over the next week and ignored the drop in condition ratings. Corn settled with 5 to 9 ¼ cent losses cross most contracts on Tuesday. More rain is expected over the next week, outside of the flooded areas, covering much of the Corn Belt, with 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 on Tuesday morning, with 22,098 MT for old crop and 187,833 MT for new crop shipment. 

USDA crop condition ratings declined the most in the Eastern Corn Belt last week, not where the flooding was occurring.  IL was down 11 points on the Brugler500 index, IN 18 points lower, and OH lost 16 points. There was likely some flooding impact in the numbers, 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 public 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, currently up 1 cent

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, currently up ¾ cents

Dec 24 Corn  closed at $4.43, down 8 3/4 cents, currently up ¾ cents

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