Overnight trading was working for turnaround Tuesday, leaving the board under $6 Dec and 12 to 15 cents in the red. 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.
USDA’s weekly Export Inspections report had 1.074 MMT of corn shipments during the week that ended 7/14. 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, currently down 14 3/4 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, currently 15 3/4 cents
Mar 23 Corn closed at $6.16 1/2, up 6 1/2 cents, currently 15 1/2 cents
New Crop Cash was $5.74 1/1, up 7 cents,
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