Corn Futures are Down on Friday

Midday corn quotes are mostly UNCH after the report response, as prices were working a nickel to a dime lower going in. Currently the board is 4 1/4 to 6 3/4 cents in the red. The cash average prices were shown UNCH at $6.60 and $4.80 for old and new crop respectively. 

The national weekly Ethanol report showed ethanol prices were mostly higher, within -5c to +9 cents/gal regionally. DDGS prices were weaker from as much as $15/ton, and ranged from $195 in MI to $230 in IL. Corn oil was quoted from 53 cents to 58 cents regionally this week, as most markets were within 2c of UNCH. 

USDA’s monthly S&D update showed a 15 mbu trim for old crop imports and another 50 mbu cut for exports. No other changes were made and stocks were lifted by the 35, matching the average of trade estimates at 1.452 bbu. New crop saw no changes aside from the 35 mbu carry-in, stocks are now figured at 2.257 bbu. 

Globally, USDA cut Argentina’s production by 2 MMT to 35, matching the trade average guess. Brazil was lifted by 2, also as expected, to offset Argentina. Global stocks were on net only 150k MT higher to 297.55 MMT. 

Jul 23 Corn  is at $6.02 3/4, down 7 1/2 cents,

Nearby Cash is at $6.22 1/8, down 8 3/4 cents,

Sep 23 Corn  is at $5.22 1/4, down 6 1/4 cents,

Dec 23 Corn  is at $5.27 1/2, down 5 1/2 cents,

On the date of publication, Alan Brugler 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.