Double Digit Losses in Monday Corn

July corn futures held relatively firm on Monday, giving back 6 cents on the day. New crop prices slid more aggressively with 18 3/4 to 21 1/2 cent losses. For December, the 3% pullback to start the week left the board nearly 15% below the contract high from May 16th. 

NASS reported 4% of the 22/23 corn crop had entered the silking stage of development. That matches the 5-yr average pace. Corn conditions were converted to a 369 on the Brugler500 Index, down 7 points from last week and 11 from the initial reading. North Carolina, KY, TN, and Indiana were down the most through the week, with just IA and ND showing improvement wk/wk. The Crop Progress report also had milo planting 90% finished as of 6/26. That was up 10% points from last week and just 4% points behind the average. The crop was 43% good/ex. 

Weekly inspections data showed 1.246 MMT of corn was exported during the week that ended 6/23. That was up 54k MT wk/wk and was 200.8k MT above the same week last year. Japan was the week’s top destination with 476,658 MT. Accumulated corn exports reached 47.416 MMT as of 6/23. That is still down 16.9% yr/yr. 

Taiwan’s MFIG is tendering for 65k MT of feed corn to be sourced from US, Brazil, Argentina, or South Africa. SovEcon raised their production outlook for Ukraine’s 22/23 corn crop by 1.1 MMT to 28.1. That would still be a third of last year if realized. AgRural estimates Brazil’s 21/22 output at 113.8 MMT, up by 1.5 from their prior estimate. That did come as 2nd crop specifically was 600k MT lighter to 80.3 MMT. 

Jul 22 Corn  closed at $7.44 1/4, down 6 cents,

Nearby Cash  was $7.42 1/2, down 11 3/4 cents,

Sep 22 Corn  closed at $6.61 1/4, down 21 1/2 cents,

Dec 22 Corn  closed at $6.53, down 21 cents,

New Crop Cash  was $6.34 1/1, down 23 cents,