Corn Market 6 to 8 cents Lower

Corn futures are trading 6 to 8 cents lower this morning. They saw most contracts firm with nearby July 4 1/2 cents higher. The 6-10 and 8-14 day outlooks are showing above normal odds for warm temps and below normal precip chances for most of the Corn Belt. Additional heat units are seen as beneficial overall, with only 8% of the crop silking. Weekly Export Inspections jumped to 703,192 MT. That was still slightly less than half of the same week last year. The weekly Crop Progress report showed 98% of the US corn crop emerged as of 7/7, with 8% silking vs. the 22% average. As expected, NASS bumped up crop conditions 1% to 57% gd/ex, as the Brugler500 index was up 2 points to 352. The 6-10 and 8-14 day outlooks are showing above normal odds for warm temps and below normal precip chances for most of the Corn Belt. USDA’s Ag Attaché in China estimates 19/20 corn production at 230 MMT, vs the USDA official number of 254 MMT.

--provided by Brugler Marketing & Management




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