Corn futures are fading lower at midday, as forecasts are calling for a wet weekend and early next week for much of the WCB. Contracts are showing Friday losses of 3 to 6 cents across the board after strength post WASDE release on Wednesday.
NOAA’s 7-day QPF shows heavy precip total from Central KS through NE and western IA to MN and the Dakotas over the next week. The Eastern portions of the Corn Belt are expected to remain relatively dry in that period.
CONAB updated their Brazilian corn crop forecast, raising it 2.5 MMT from last month to 114.14 MMT. That is still well below the 122 MMT USDA has projected. Much of that adjustment was to the second crop, now anticipated to reach 88.12 MMT. Argentine corn harvest is estimated to be 40% completed, according to BAGE.
Jul 24 Corn is at $4.53, down 5 1/2 cents,
Nearby Cash is at $4.37 5/8, down 5 1/2 cents,
Sep 24 Corn is at $4.60, down 3 1/2 cents,
Dec 24 Corn is at $4.73 1/2, down 2 1/2 cents,
New Crop Cash is at $4.36 1/8, down 3 cents,
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