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.
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,
