Sep-23 futures closed lower than the prior week after a volatile start to the week, falling by roughly $0.40 to close at $5.21 per bushel. Dec-23 futures also retreated throughout the week, closing Jul. 28 at $5.30 per bushel. 

Roughly 68 percent of the corn crop was pollinating as of the week ending Jul. 23, indicating a large section of the nation’s corn is entering the reproductive stage during a hot and dry period. The crop condition remained unchanged week to week, currently estimated as 57 percent rated good to excellent. 

Brazil’s safrinha crop is estimated to be somewhere around 48 percent complete as of the week of Jul. 24. This is a bit behind last year’s pace, not surprising considering this year’s crop is considerably larger. 

A high-pressure system is limiting moisture into a good chunk of the Corn Belt, challenging a crop that has endured less-than-ideal conditions through much of the growing season. 

The full version of this commentary appeared on our IQ platform Jul. 28, 2023. Further information, statistics, and pricing for the corn market are available to IQ subscribers. Learn more about becoming a subscriber.

Posted by: Information Services
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