Corn Market Rebounding

So far for Friday the corn futures are double digits higher, recovering 1.4% to 2.7%. July options expire at the close, with both the 760 and 750s in play. 

Data from the EIA is still delayed due to a systems issue. USDA reported the weekly average corn oil prices ranged 75.7 to 74.83 c/lb regionally through the week that ended 6/24. That compares to last week’s 76.2 to 77.5 cent prices. Cash ethanol prices also came down 7-9 cents/gal to $2.61-$2.77/gal. DDGS FOB prices were $300-$308/ton in the Gulf, compared to $322 in the PNW and $290-$302 in the Gulf last week. 

USDA reported old crop corn sales were 671,919 MT from the week that ended 6/16. That marked a 7-week high and the trade was looking for less than 600k MT going in. Export shipments of 1.147 MMT brough the season’s total to 50.216 MMT. That is 80.7% of USDA’s forecast. New crop sales were 358,407 MT from the week, which was mid-range of estimates and brought the forward book to 6.257 MMT. 

The IGC sees 22/23 world corn production at 1.184 billion MT. That is down from their prior 1.197b MT estimate and is still under last year's 1.214 billion. Carryout stocks were lifted by 4 MMT as the consumption numbers came down by more than the lost output. 

Jul 22 Corn  is at $7.56 1/2, up 9 3/4 cents,

Nearby Cash   is at $7.59 7/8, up 8 1/4 cents,

Sep 22 Corn  is at $6.80 3/4, up 14 cents,

Dec 22 Corn  is at $6.73, up 17 1/2 cents,

New Crop Cash   is at $6.55 5/8, up 17 cents,