Corn Goes Home on Double Digit Losses

Corn futures ended the Thursday session with 12 1/4 to 15 1/2 cent losses. The Dollar Index, up 0.9% to $109.68, is sitting at +20 year highs to levels not seen since February 2002. 

NASS reported the July corn grind was 445.723 mbu. That was up 1.6 mbu mo/mo but compares to 450.321 mbu during July ’21. 

Crude Oil has faded recently, and is back to the mid $80s per barrel near the lows from mid-August, themselves the lowest prints since January. At the close crude was $86.61/bbl. 

Brokerage firm StoneX estimates the national average corn yield at 173.2 bpa.

USDA announced the regular weekly Export Sales data will be unavailable until Sep 15th, and will revert back to the legacy reporting system until the new system is sufficiently debugged. 

Brazilian export data showed 7.554 MMT of corn was shipped during August, compared to 4.336 MMT during August ’21. 

Sep 22 Corn  closed at $6.58 1/4, down 15 1/2 cents,

Nearby Cash   was $6.54 1/4, down 59 3/8 cents,

Dec 22 Corn  closed at $6.58, down 12 1/2 cents,

Mar 23 Corn  closed at $6.63 3/4, down 12 3/4 cents,

New Crop Cash   was $6.47 1/8, up 3/4 cent,