Mid-Missouri Energy -

Corn Gains after WASDE

Alan Brugler - Barchart - Thu Jun 10, 4:50PM UTC

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Midday corn prices are up double digits on the USDA numbers. Old crop prices were double digits stronger going into the release but are now 12 1/2 cents higher. USDA’s old crop cash average price was UNCH at $4.35. Dec corn is trading 11 3/4 cents higher, after fading from the steeper initial gain. The projected cash average price for new crop is still $5.70/bu.

USDA’s weekly Export Sales report showed 189,589 MT of old crop corn bookings from the week ending 6/3. Paired with the 1.6 MMT of shipments, old crop commitments were 69.3 MMT (2.728 bbu). USDA’s updated export forecast is for 2.85 bbu, up 75 mbu from the May WASDE. New crop corn bookings were a light 26,376 MT, which was a 17 week low and below the 200k-600k MT expectations.

Old crop stocks were cut 150 mbu to 1.107 bbu. That was the top end of pre report estimates. They exports and ethanol corn use each by 75 mbu. New crop stocks are estimated 150 mbu tighter reflecting the lighter carryin, now figured at 1.357 bbu. The average of estimates was for a 1.416 bbu 21/22 carryout.

USDA forecasted Brazilian corn production at 98.5 MMT. That was 2.1 MMT below the 96.4 MMT from CONAB’s estimate this morning. CONAB data showed a 10 MMT cut from 106.4. Argentina’s production was left at 47 MMT. Wire reports stated the Argentine purchases made previously had landed in Brazil over the last two weeks – citing a 35k MT shipment landed in Paranaguá and a 30k MT shipment landed in Rio Grande.

Jul 21 Corn is at $7.03 1/4, up 12 1/2 cents,

Nearby Cash is at $7.10 8/9, up 11 3/4 cents,

Sep 21 Corn is at $6.36, up 4 cents,

Dec 21 Corn is at $6.17 1/4, up 7 1/2 cents,

New Crop Cash is at $5.93 1/9, up 7 5/8 cents,

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