Corn Lower on Monday

Corn followed Friday’s drops by adding 6 1/2 to 8 1/2 cents more to the downside today. Traders responded to the weather forecasts showing more potential rains since Friday’s forecasts. NASS reported corn silking at 29% after the close, compared to the 5-yr average of 32%. NASS had 3% of corn in dough stage, which is even with the 5-yr average. Corn conditions were a 376 on the Brugler500 index, down by 5 points wk/wk. Just four states, (MN, MO, SD, and WI) saw condition improvements from Sunday to Sunday, 3 of which are the only states above 400 on the Brugler500. USDA’s weekly Export Inspections report this morning showed 902,623 MT (35.5 mbu) on the week ending July 9. That was down 4.84 mbu wk/wk, but was 30.7% above the same week last year. China got 13.2% of the shipments, but Japan and Mexico were each over 200k MT as the top destinations. Using weekly data, the report has accumulated shipments at 1.385 bbu with 8 weeks remaining. The spot DDGS to soymeal ratio is 0.73 in China, compared to 0.42 stateside. ArcMercosul reported Brazilian second corn crop harvest is 34.9% of planted, compared to 49% at the same time last year.

Jul 20 Corn closed at $3.34, down 6 1/2 cents,

Sep 20 Corn closed at $3.28 3/4, down 8 1/2 cents,

Dec 20 Corn closed at $3.36 1/2, down 8 1/4 cents,

Mar 21 Corn closed at $3.47 1/2, down 7 1/2 cents,

--- provided by Brugler Marketing & Management

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