Corn futures are up 1 to 2 cents across the front months on Friday. The CmdtyView national average Cash Corn price is up 1 1/4 cents at $3.81.
Export Sales data now has the old crop export commitment total at 82.767 MMT, which is 98% of USDA’s newly updated export projection, matching the 98% average sales pace. Shipments at 64.5 MMT are 76% of the USDA number and slightly behind the 78% average shipping pace. New crop business has totaled 4.124 MMT so far this year, a 31.6% increase from the same point last year.
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USDA’s monthly WASDE report showed the old crop US ending stocks number at 2.145 bbu, a 3 mbu increase from last month. Corn used for ethanol was dropped by 25 mbu, with exports offsetting that with a 25 mbu increase. Imports were raised by 3 mbu. That 3 mbu carried through to the next marketing year, which was up just 3 mbu as well to 1.96 bbu.
Brazil production was raised by 3 MMT from the USDA, at 138 MMT, with Argentina up 2 MMT to 61 MMT. The last two months has seen those two countries with a 15 MMT hike in output.
NOAA’s 7-day QPF shows precip totals expected in a range of 2 to 4 inches from MO to OH, with parts of eastern IA and WI seen with 1 to 2 inches. The western half of IA, MN, and much or the northern Plains west of the Missouri River is seen with little to 0 rainfall.
Jul 26 Corn is at $4.13, up 1 1/4 cents,
Nearby Cash is at $3.81 1/1, up 1 1/4 cents,
Sep 26 Corn is at $4.21 1/2, up 1 1/2 cents,
Dec 26 Corn is at $4.40 3/4, up 1 1/4 cents,
New Crop Cash is at $3.96 1/2, up 1 3/4 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.