7 Cent Strength in Corn

Corn futures are up by 4 to 7 cents across the front months positioning ahead of the week’s final trade day. Sep options expire at the close with $6.50, $6.60, and $6.70 all potential pin plays. Nearby corn futures stalled on Thursday and gave back their early trade gains. At the close, December was $6.50 flat compared to Red Dec at just under the $6 mark. The other nearby contracts closed with 4 1/2 to 8 1/4 cent losses on the day. 

Crude Oil futures faded the 12 day 9.6% run up on Thursday. At the close the board had given back 1.97% to $93.02/bbl. 

USDA’s FAS reporting system was revised to the new format and the weekly report was retracted due to data quality and physical dissemination concerns. The report had shown: 320k MT of old crop corn sold and 155k MT for new crop, accumulated exports were 58 MMT and the total forward bookings for next year were 8.954 MMT.

Pro Farmer’s crop tour moved into western IA and MN today. Results are expected this evening, with the Pro Farmer national yield and production estimates on Friday. The Tour average for Illinois was 190.71 bp, down 2.8% from year ago (2.7% higher than the 3 year average) on higher ear counts but less grain per ear than last year.

Sep 22 Corn  closed at $6.57 1/2, down 8 1/4 cents, currently up 7 1/2 cents

Nearby Cash   was $7.06, down 9 5/8 cents,

Dec 22 Corn  closed at $6.50, down 7 1/4 cents, currently up 7 1/4 cents

Mar 23 Corn  closed at $6.56, down 6 3/4 cents, currently up 7 cents

New Crop Cash   was $6.20 1/4, down 5 1/8 cents,