Corn Climbing Higher at Midday

Corn futures are up 4 to 6 cents in the front months at Thursday’s midday, building on action from yesterday.

The 8-14 day outlook shows chance for hot and dry weather for much of the Western Corn Belt and into parts of IL near the end of July. The ECB is at even chances for normal precip. 

USDA’s weekly Export Sales report tallied old crop export bookings at 59,027 MT in the week that ended on July 7. That was well above the previous weeks net reduction, but down 57.5% vs. the same week last year. New crop sales were reported on the high end of estimates at 348,156 MT. That was a 3-week high. Sales of sorghum were at a 7-week low of a net cancellation of 2,555 MT. 

Sep 22 Corn  is at $6.05 1/2, up 5 1/2 cents,

Nearby Cash   is at $6.94 3/4, up 3 1/4 cents,

Dec 22 Corn  is at $6.01 1/4, up 6 cents,

Mar 23 Corn  is at $6.07 3/4, up 5 1/2 cents,