Austin Schroeder
2 min read
In This Article:
Corn prices in Chicago are trading 1 to 5 cents lower at midday. Futures posted gains across most contracts on Wednesday with contracts 2 to 6 cents higher, but started to retreat after 7 AM CDT this morning. July options expire today. The front month CmdtyView national average Cash Corn price is down 1 cent at $4.07.
The weather outlook for next week has some heavy rains from NE, the southeast corner or SD, MN, WI and parts of MI totaling from 1 to up to 5 inches in some parts. The Southern Plains, through MO and the Eastern Corn Belt is looking at smaller totals. Heat is expected to hit much of the Corn Belt, with the 5-10 day looking 7-15˚F above average in the ECB. Daytime highs above 100 degrees F are seen this weekend in the Plains and WCB, but will moderate by early next week.
-
Sugar Futures Remain Bearish- Can the Sweet Commodity Rally?
-
Drought Conditions Are Setting In. How Much Higher Can Wheat Prices Go?
Export Sales data from USDA this morning showed a total of 903,792 MT of 2024/25 corn booked in the week of June 12, in the middle of the trade estimates at 600,000 MT to 1.2 MMT. That was back up from the week prior by 14.2% and 76.7% larger than the same week last year. New crop business was tallied at 154,998 MT, on the high side of 0-200,000 MT expectations. USDA also announced a sale of 124,000 MT of corn to “Unknown destinations” under the daily reporting system this morning.
Jul 25 Corn is at $4.29, down 4 1/2 cents,
Nearby Cash is at $4.05 1/2, down 5 cents,
Sep 25 Corn is at $4.26 3/4, down 2 1/4 cents,
Mar 26 Corn is at $4.57 3/4, down 1 1/2 cents,
New Crop Cash is at $3.99 1/2, down 2 1/2 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. This article was originally published on Barchart.com
