Weakness into Friday for Corn

Overnight trade left the corn board a penny and a half lower into the Friday. Thursday’s corn trading ended with 1.2% to 1.8% gains. Red December ended the day 1.1% stronger to $5.76 1/2 per bushel – or a 29 3/4 cent discount to Dec 22. At this point last year the Dec-Dec spread had the 2021 crop at a 40 cent premium. The 5-yr average is to see a 31 cent premium for new crop over the next year out. 

CFTC will issue the weekly Commitment of Traders report after the close. 

Monthly Census data through June had the corn shipments at 54.889 MMT (2.16 bbu) following a 5.49 MMT (216.25 mbu) shipment in June. USDA’s latest WASDE report estimated the season’s export at 2.45 bbu. DDGS exports were above 1 MMT for the first time since January – and were the highest for the month of June since 2017/18. June ethanol exports were 101.48m gallons from the Census data. 

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. For new crop corn, the weekly update showed 256,685 MT were booked. That is up from 194k MT last week and was within the range of estimates. The total new crop book reached 7.857 MMT. 

Sep 22 Corn  closed at $6.02 1/4, up 10 3/4 cents, currently down 1 1/2 cents

Nearby Cash  was $6.78 on Thursday, up 9 1/4 cents,

Dec 22 Corn  closed at $6.06 1/4, up 10 cents, currently down 1 1/2 cents

Mar 23 Corn  closed at $6.14 1/4, up 10 cents, currently down 1 1/2 cents

New Crop Cash  was $5.71 ¾ on Thursday, up 10 1/4 cents,