Red Midday for Corn

Corn futures are fading through the Turnaround Tuesday with 4 1/2 to 9 cent losses in the front months. The pullback comes after Monday’s rally pushed prices above chart resistance. The cmdtyView national average corn basis for spot delivery is a 43c premium to Sep. That compares to +90c levels when July rolled off the board and +40-48 cents last year at month’s end. They define the 5-yr average basis as a penny under Sep just before FND.  

The USDA announced the weekly Export Sales report is suspended until further notice as the FAS works on the errors from last week to bring the new reporting system up to standard. 

USDA’s Crop Progress report showed 86% of the corn crop was in or past the dough stage, and 46% was dented. That compares to the 5-yr average pace of 88% and 52% respectively. NASS saw 8% of the crop mature, with 72% in TX and 24% in KS. Last week national maturity was 4% and the 5-yr average for wk 35 is 9%. NASS showed corn conditions were a 339 on the Brugler500 Index, which was down from 342 last week. 

Private analyst Cordonnier sees the ‘22 U.S. corn yield as 170 bpa flat, down 3 from their prior estimate. 

AgRural reported Brazil’s 2nd crop harvest reached 94.2% complete. That was up from 89.5% last week and compares to 89% during the same week last year. Datagro estimated the 2022/23 Brazilian corn crop at 120.5 MMT, on a 25.8 MMT first crop. 

The heat wave in Europe has Romanian farmers considering an early corn harvest. Romania was the EU’s largest exporter last year, and is set to begin harvest as much as a month early. 

Sep 22 Corn  is at $6.75, down 8 3/4 cents,

Nearby Cash   is at $7.18 3/8, down 8 5/8 cents,

Dec 22 Corn  is at $6.73 1/2, down 9 1/2 cents,

Mar 23 Corn  is at $6.79, down 8 3/4 cents,

New Crop Cash   is at $6.48 1/4, down 6 5/8 cents,