Dec-23 corn futures continued to move higher last week, closing out at the highest price since late April and up 42 cents over the last two weeks.
Corn reached 92 percent planted as of the May 29 update, up 8 points YOY. North Dakota is nearly 75 percent complete and made some good progress with crop insurance deadlines now past.
USDA is not as optimistic on crop conditions thus far vs. 2022 with the crop rated 69 percent good to excellent, down from 73 percent a year ago.
Corn exports last week were 51.7 million bushels. China’s domestic corn prices are down roughly 7 percent YOY.
Some local estimates of the Brazilian corn crop are moving above USDA’s current 130 MMT estimate.
News from Ukraine is that Russia is blocking vessel inspections in the Black Sea at some ports, prompting questions over its adherence to the export deal.
Markets are paying significant attention to weather forecasts and looking for/needing rain as many areas have been dry for the last two weeks.
China’s domestic corn prices are down roughly 7 percent YOY.
The full version of this commentary appeared on our IQ platform Jun. 3, 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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