Corn Holding Double Digit Gains

Midday corn futures quotes are off their highs by about a dime, but still double digits in the black. December ’23 corn futures are trading with 3 1/2 cent gains so far to $5.57. 

NASA’s GRACE-Based Root Zone Soil Moisture shows that most of Ohio into Southern Michigan is among the wettest on record for the period 1948-2012. That is a sharp contrast to the S.E. NE and Western KS which is among the driest on record for the same period. From WI through IL and IN into AR the map reads normal to wetter, with MN, SD, and E. NE reading normal to dry. Most of IA is in the 10th to 20th percentile of soil moisture quantity (deficit). 

The NASS Crop Progress report showed 62% of the corn crop was silking as of 7/24. That is down 8% points from the average pace and up from 37% last week. Nationally, 13% of the crop reached the dough stage, up from 6% last week but 2 ppts behind the average. Corn conditions were 3% less Good/Ex through the week to 61% for a Brugler500 rating of 356. That was down 7 points wk/wk nationally. IL dropped just 1 point through the week to a 374, where IA was 3 points lower but still at 392 on the Brugler500. 

Brazil’s AgRural reported the 2nd crop harvest as 62% complete. That compares to 53% last week and the 39% last season. They figure the output at 87.3 MMT for the 2nd crop. 

EU’s Crop Monitoring system reduced the EU corn yield estimate by 9.2 bpa to ~107.8 citing the heat. 

Sep 22 Corn  is at $5.91 1/4, up 11 1/4 cents,

Nearby Cash   is at $6.77 7/8, up 11 3/8 cents,

Dec 22 Corn  is at $5.94 1/4, up 10 1/2 cents,

Mar 23 Corn  is at $6.01 1/4, up 10 1/2 cents,

New Crop Cash   is at $5.58 5/8, up 10 5/8 cents,