Corn Futures Rally Out of Weekend

Corn faded off the highs into the close back to their day’s opening mark. That was still enough for 6 1/2 to 8 cent gains after the market gapped higher Sunday evening. The Dec contract printed a wide 22 3/4 cent range on the day. 

NASS reported 37% of the corn crop was silking as of 7/17. That trails the 5-yr average pace by 11% points, compared to last week’s 15% silking which was 10% behind average. The report showed 6% of the crop had reached the dough stage, up from 2% last week and still 1% point behind the 5-yr average. Corn conditions were 64% good/ex for a 363 on the Brugler500 Index. Last week’s conditions were also 363, though CO, KS, MO, and SD all dropped by double digits wk/wk. 

Sorghum was shown as 29% headed, up 5ppts wk/wk and 2% points behind the average pace. NASS reported 57% of TX milo was coloring as of 7/17, setting the national crop as 17% colored. Conditions dropped 14 points on the Brugler500 Index to 300 flat (or the equivalent of 100% fair). Texas milo alone scored a 248 on the Brugler500.  

USDA’s weekly Export Inspections report had 1.074 MMT of corn shipments during the week that ended 7/14. That was up from 934,533 MT during the week prior and near even with the 1.076 MMT during the same week last year. China and Mexico were the top destinations with 455k MT and 325k MT respectively. The season’s total shipment reached 50.3 MMT (1.98 bbu) according to the report, down 10.07 MMT (396 mbu) yr/yr.

China’s Customs data showed June corn imports were 2.2 MMT, compared to 3.576 MMT in June ’21. China also brought in 15% less sorghum with 930k MT for June ’22. 

Sep 22 Corn  closed at $6.12 1/4, up 8 cents,

Nearby Cash   was $6.98 1/2, up 6 3/8 cents,

Dec 22 Corn  closed at $6.10 3/4, up 7 cents,

Mar 23 Corn  closed at $6.16 1/2, up 6 1/2 cents,

New Crop Cash   was $5.74 1/1, up 7 cents,