Jul-23 closed last week at $5.54 per bushel. Dec-23 futures dropped by nearly 34 cents Friday alone, closing at $4.95 per bushel. 

Friday’s Acreage report was (directly) bearish to corn with acreage increasing by more than 2.0 million acres from the Prospective Plantings report; plantings are now pegged at 94.1 million acres. The news is welcome as it provides a bit of a cushion from the potential of lower yields related to weather. 

The Grain Stocks report was also released Friday, indicating corn stocks as of Jun. 1 were down 6 percent from a year ago. Producers appear to be holding on to their corn for stronger prices as roughly 54 percent of stocks were on-farm, a 5 percent increase from 2022. 

The corn crop rating fell 5 percentage points this week to 50 percent good to excellent. Roughly 4 percent of the crop is currently silking, entering the pollination period of development. By the middle of July, the majority of the crop should be pollinating. 

The full version of this commentary appeared on our IQ platform Jun. 30, 2023. Further information, statistics, and pricing for the corn market are available to IQ subscribers. Learn more about becoming a subscriber.

Source: 123rf.com
Posted by: Information Services
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