Corn is showing follow through from Wednesday’s buying with futures up 11 to 15 ¾ cents from the overnight session. A wide ranged Wednesday session had the market trading both in the red and the black before closing up by 5 1/2 to 8 1/4 cents. The new crop contracts stayed under $6/bu on the day, as Dec printed a 20 cent range. Sep was above the $6 mark at the high but closed a quarter of a penny under.
NOAA’s 7-day QPF has rainfall stretching from mid NE through the KY/TN/NC border. Eastern NE/Western IA will top out near 3” accumulated, while the ECB will catch 1 to 2” through the week. The Dakotas will also get spotty rainfall, with most fields getting less than 1 1/2” over the coming 7 days.
CONAB raised their estimate for the Brazilian corn crop this morning by 0.44 MMT to 115.66 MMT, with most of that coming from second crop.
The European Commission reported corn exports reached 16.4 MMT through 6/30. That is up from 15.2 MMT the year prior. Romania’s Romanian Farmers Club estimates 22/23 grain output will slide 15% yr/yr to 30 MMT – including 14.5 MMT of corn.
Jul 22 Corn closed at $7.44 1/4, up 8 1/4 cents, currently up 15 ¾ cents
Nearby Cash was $6.88 3/8, up 9 1/8 cents,
Sep 22 Corn closed at $5.99 3/4, up 7 1/2 cents, currently up 13 ½ cents
Dec 22 Corn closed at $5.85, up 6 1/2 cents, currently up 13 ¼ 11 cents
New Crop Cash was $5.72, up 7 3/8 cents,
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