Corn Prices Recovering for Thursday

After failing to close the 7/25 chart gap, corn prices are bouncing with midday gains of 7 to 9 cents through Thursday’s midday. 

StoneX sees the national corn yield at 176 bpa, under the 177 May WASDE weather adjusted trend figure. 

FAS data showed 57,914 MT of old crop corn was booked during the week that ended 7/28. That was down from 150k MT of sales last week and below the 68k MT from the same week last year. Japan and Mexico were the top old crop buyers, partially offset by cancelations from Unknown. For new crop corn, the weekly update showed 256,685 MT were booked. That is p from 194k MT last week and was within the range of estimates. The total new crop book reached 7.857 MMT. Corn export shipments from the week were 1.02 MMT for a MY total of 56.4 MMT. That is 11% behind last year’s pace and is 91% of the WASDE forecasted total. China and Mexico were the week’s top destinations. 

USDA also mentioned 1,200 MT of old crop sorghum was sold during the week that ended 7/28. Unknown destinations also booked 68k MT of new crop milo during the week.

Sep 22 Corn  is at $6.00 1/2, up 9 cents,

Nearby Cash   is at $6.77 1/4, up 8 1/2 cents,

Dec 22 Corn  is at $6.04 3/4, up 8 1/2 cents,

Mar 23 Corn  is at $6.12 3/4, up 8 1/2 cents,

New Crop Cash   is at $5.69 7/8, up 8 1/4 cents,