Corn Market Red at Midday

Corn futures responded to the USDA data with a short lived bounce, before pulling back into new lows for the session. Prices were down by over 20 cents / 3.5% going into the release, and currently working -35 / 6% in the red. The old crop cash average price for corn was UNCH at $6.10. New crop is figured at $6.65/bu after $6.75 last month. 

USDA estimates old crop corn carryout as 1.510 bbu. on a 25 mbu cut to feed and residual. For new crop, USDA adopted the acreage number but left yield at 177 bpa, for a 14.505 bbu output. The higher carry-in and production were carried through for a 70 mbu higher ending stocks of 1.470 bbu.  

Brazil’s AgRural reported 2nd crop harvest was up 10% points through the week to 40.5% complete as of 7/7. USDA left their estimate for Brazilian corn output at 116 MMT. Exports were estimated as 44.5 MMT, also unchanged. USDA also maintained their Argentina estimates.  

The full world S&Ds were for a 21/22 output of 1.217b MT. That was up by 1 MMT. Global old crop stocks were 2 MMT looser to 312.28 the trade was looking for 311.3 on average going in. For 22/23 carryout stocks were raised on the higher carry-in to 312.9 MMT. 

Jul 22 Corn  is at $7.52 1/4, down 29 cents,

Nearby Cash  is at $6.93 3/8, down 33 3/4 cents,

Sep 22 Corn  is at $6.03, down 34 cents,

Dec 22 Corn  is at $5.93, down 36 cents,

New Crop Cash  is at $5.76, down 35 1/8 cents,