Corn prices were lower going into the reports. After seeing the numbers a spike higher was quickly faded as the board returned to the dime losses for midday. Today is FND for July, with the oldest long dated 9/30/21 when corn futures were $5.40-$5.60/bu.Â
USDA reported 88,795 MT of old crop corn was sold for export through the week that ended 6/23. That was below estimates. Japan was the top destination with 192k MT, though Taiwan, Mexico, and Panama all had net reduced bookings. For old crop exports the weekly FAS report showed 1.25 MMT were shipped for a MYTD total of 51.47 MMT. That is 82.7% of USDA’s forecasted total. For new crop, 119,259 MT were sold during the week. That was at the low end of estimates.Â
The June planted acreage report showed 89.92m acres of corn was planted. That was in line with the trade average guess, remaining below last year’s 93.37m acres. That was a 430k acre increase vs. the March number.Â
June 1 corn stocks were 4.346 bbu, almost identical to the average trade guess. That implies a Q3 use of 3.41 billion bushels. The NASS data showed a near even split with farmer ownership and off farm stocks. compared to a 1.74bbu on farm last year and 2.37 bbu off farm last year. March corn stocks were 94 mbu lower in a revision.Â
Datagro raised their Brazilian corn crop to 116.1 MMT from 114.35 MMT. They lifted the 2nd crop estimate to 91.25 MMT from 89.5.Â
Jul 22 Corn  is at $7.68 1/2, down 1 3/4 cents,
Nearby Cash  is at $7.42, down 6 1/2 cents,
Sep 22 Corn  is at $6.53 3/4, down 10 1/4 cents,
Dec 22 Corn  is at $6.43 3/4, down 10 cents,
New Crop Cash  is at $6.26 3/4, down 11 1/8 cents,
