Corn futures were choppy on the week and relatively stable as the market weighed a very hot and dry forecast vs. estimates filtering out from the Pro Farmer crop tour.
Dec-23 corn settled on Aug. 21 at $4.8250 per bushel and closed at $4.8800 on Aug. 25.
Mar-24 futures were very similar with limited movement on the week and settled at $5.0275 per bushel Aug. 25.
Corn ratings dipped by 1 point to now 58 percent good to excellent. There is much scrutiny this year of USDA’s weekly crop ratings in relation to the actual condition or size of the crop. Ratings are historically quite low, but it seems yields and crop expectations will be large.
China’s equivalent U.S. price for corn is $9.41 per bushel and could be a sign that concerns over their crop size is mounting with excessive rains over the last month. In addition, China could become more active in U.S. corn export sales. So far, they have been nearly nonexistent.
Canada is said to act as a third party over the dispute between Mexico and the U.S. regarding bioengineered corn imports for use in human food (tortillas, etc.).
The full version of this commentary appeared on our IQ platform Aug. 25, 2023. Further information, statistics, and pricing for the corn market are available to IQ subscribers.Learn more about becoming a subscriber.
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