Corn Futures Close

Corn futures ended the day with double digit losses of 13 1/2 to 16 1/2 cents. That was near the low of the day and within 7 cents of the 7/6 low. 

The updated 7-day QPF from NOAA shows crucially timed rainfall of 1 1/2” to 2 1/2” for the ECB. The rain drifts Westward into MN, IA, and MO, though accumulations drop off to just 1-1 1/4” through the coming week. The Northern Plains and WCB will remain dry with less than 1” in the forecast. 

Weekly Export Sales data showed 33,900 MT of corn was sold during the week of 7/14. That was near expectations and came via sales to Japan and Mexico offsetting cancelations from unknown. New crop bookings were 570,200 MT for the week, which was above the range of estimates. That had the forward book at 7.4 MMT. USDA reported 1.109 MMT of corn was shipped through the week. Accumulated exports reached 54.524 MMT. 

For milo, the weekly update showed 5.9k MT were sold for 21/22 delivery with no new crop bookings.  

Weekly EIA data showed that 1.034m barrels of ethanol was produced on average each day through the week that ended 7/15. That was up from the 1.005m bpd average the prior week, but still down from the week of 7/1. Ethanol stocks were ~50k barrels lighter to 23.553 million according to the data release. 

Sep 22 Corn  closed at $5.75 3/4, down 16 1/2 cents,

Nearby Cash   was $6.61 3/4, down 16 7/8 cents,

Dec 22 Corn  closed at $5.73 1/2, down 16 1/2 cents,

Mar 23 Corn  closed at $5.80 1/4, down 16 cents,

New Crop Cash   was $5.37, down 16 1/8 cents,