Dec-23 corn futures continued to move higher last week to $6.28 per bushel (a five-month high) as of close Jun. 21 before falling back to $5.88 per bushel as of close Jun. 23.
Spot Jul-23 futures closed at $6.30 per bushel Jun. 23 but were as high as $6.71 per bushel Jun. 21.
EPA’s finalization of the 2023-2025 renewable fuel standard volumes was as follows (as compared to the December 2022 proposal):
2023: 20.94 billion gallons (20.82)
2024: 21.54 billion gallons (21.87)
2025: 22.33 billion gallons (22.68)
The ethanol mandate was also trimmed by 250 million gallons to now 15 billion gallons.
Corn crop ratings fell to 55 percent good to excellent, down a sizeable 6 percentage points vs. the prior week and well below last year’s crop at 70 percent good to excellent.
Last week’s rains were more of the same: heavier rains in Dakotas/areas north and the eastern/southeastern grain areas. Iowa, Illinois, and Indiana are mostly dry. A similar forecast is expected this week with perhaps some rain chances in those “I” states that need rain the most.
The full version of this commentary appeared on our IQ platform May 23, 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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