Corn Down another 10 Cents

Midday corn prices are another dime weaker after the red start to the week. Both the September and December contracts are below the $6 mark at midday. 

Barchart adjusted their corn production outlook 11 mbu higher to 14.682 bbu. That came via a 0.34 bpa yield boost taking the cmdtyView Corn Yield to 177.81 bushels/acre. At the state level, they have IL and IA under the 200 mark with 199.85 and 198.58 bpa respectively. MN is estimated at 193.9 bpa, with NE at 175.6. TX corn is forecasted at 134.5 with MO and SD at 152.2 and 158.3 bpa respectively. 

Weekly Crop Progress data shows 80% of the corn crop silking as of 7/31. That was up from 62% last week and just 5% points behind the average pace. NASS said 26% of the crop had reached dough stage compared to 31% on average. Crop conditions dropped only 1 point in the Brugler500 index for the week, vs. trade ideas of a 3-4 point decline. NASS indicated 1% of the sampling dropped to VP from poor.  

Brazil’s AgRural reported 2nd crop corn harvest at 73% complete in the Center South region. 

June’s corn grind was reported as 441.95 mbu for ethanol. That was down less than 1% from the month prior, but up from 4.34 mbu in June of ’21. The report had 1.919m tons of DDGS produced during June, which was up from 1.89m last month. 

Sep 22 Corn  is at $5.97, down 10 cents,

Nearby Cash   is at $6.75 1/4, down 10 3/4 cents,

Dec 22 Corn  is at $6.00 1/4, down 9 1/2 cents,

Mar 23 Corn  is at $6.07 1/4, down 9 1/2 cents,

New Crop Cash   is at $5.64 3/4, down 11 cents,