Red Start to Report Day for Corn

Going into the Tuesday session ahead of the USDA WASDE report, the corn futures board is down by 7 3/4 to 8 3/4 cents. Prices had gotten as low as 15-16 cents in the red overnight. Corn closed with gains of  1 3/4 to 5 1/2 cents on Monday, but futures were down 2 to 18 cents from their open. 

After the close, NASS reported corn silking was at 15% as of 7/10. That was up from 7% last week, but trails the 5-yr average pace of 25%. The Crop Progress report had 2% of the corn crop entering the dough stage, compared to the 3% average pace. Weekly corn conditions were steady at 64% good/ex, but were down 1 point on the Brugler500 index to 363. At the state level, Tennessee and Pennsylvania were down the most each near 20 points along with lighter downward adjustments to other states. CO, IL, NE, OH, SD, and TX were the only states to show improved conditions from last week with a combined 35 points. 

USDA’s weekly Export Inspections report showed 933,725 MT of corn was shipped during the week that ended 7/7,  up 6.5% on the week, but 6.8% below year ago.  China was the top destination with 43% of the week’s total. 

Trade ideas of Brazilian production in today’s WASDE report are 300k MT above the June figure of 116 MMT. World carryout is expected to be minimally changed, with an average trade guess of a 400k MT boost to old crop and no change for new crop’s 310.5 MMT. US production is expected to be larger, due to the larger June 30 acreage figure.

Jul 22 Corn  closed at $7.81 1/4, up 3 cents, currently up 5 cents

Nearby Cash  was $7.27 on Monday, up 3 7/8 cents,

Sep 22 Corn  closed at $6.37, up 3 3/4 cents, currently up 5 cents

Dec 22 Corn  closed at $6.29, up 5 1/2 cents, currently up 5 cents

New Crop Cash  was $6.11 1/8 on Monday, up 4 3/8 cents,