Corn futures continue to fluctuate, with the July contract closing at $6.5925 per bushel last Monday, $6.6425 by Wednesday, and $6.3650 by Friday. Much-needed rain swept across the Corn Belt last week: Nearly every region received at least some precipitation. Moisture will be needed to keep the crop from further stress as weather in the upper Midwest will be hot and dry according to the National Weather Service’s 8-to-14-day outlook.
All eyes are on this week’s Acreage report from USDA. Typically, acreage numbers increase in the Jun. 30 report vs. the March prospective plantings report, excluding exceptional years when plantings are hindered by weather. It is safe to assume the market is of the opinion corn acreage will increase substantially from the 91.1 million forecast in March.
Corn stocks will also be reported Wednesday. The trade is estimating an average of 4.13 billion bushels of corn in storage as of Jun. 1. Last year’s stocks report arguably began what became a year of confusion about corn supplies.
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