Corn Futures Higher at Midday

The corn market jumped out of the weekend, leaving 2-4 cent gaps. After failing to close them, the market continued higher with the board 3-5 cents off the highs and some months double digits in the black. 

USDA reported 724,214 MT of corn was exported during the week that ended 7/21. That was down from 1.075 MMT last week and was down 530,269 MT from the same week last year. We are reminded that price is the intersection of both supply and demand. Mexico was the week’s top destination from 236,118 MT, followed by China with 209,419 MT. Accumulated shipments reached 51.027 MMT, compared to 61.625 MMT at the same point last year. 

The International Grains Council sees corn output at 1.189b MT that was 1 MMT lighter than their June estimate – citing global dryness. That is still down 31 MMT from last year. Carryout was left at 271 MMT, which is still down 14 MMT yr/yr. 

Traders expect US crop condition ratings to decline seasonally, i.e. about 1% in the good/ex categories since last week. NASS will update Crop Progress at 3:00 CDT.

Sep 22 Corn  is at $5.73, up 8 3/4 cents,

Nearby Cash  is at $6.59 1/1, up 9 1/2 cents,

Dec 22 Corn  is at $5.75 3/4, up 11 1/2 cents,

Mar 23 Corn  is at $5.83, up 12 cents,

New Crop Cash  is at $5.39, up 11 3/8 cents,