Corn futures are holding steady on Tuesday, with contracts up 2 to 3 cents across most contracts and July up 7 ½ cents on thin trade. There were zero delivery notices vs. July corn futures overnight. They expire on Friday.
Crop Progress data showed 24% of the corn crop as silking 10% above normal, with 3% in the dough stage. Condition ratings improved 1% to 68% gd/ex with the Brugler500 index up 2 points to 372. Rains over the next day or so will be focused mostly in the ECB, with Beryl bringing rains from the Gulf through parts of IN, MI and OH. Things begin to dry off through early next week according to NOAA’s 7-day QPF.
Commitment of Traders data released after the close showed spec funds extending their net short to a near record 336,538 contracts in the week that ended on July 2. That was a 58,872 contract extension on the week. Commercials were net long 46,030 contracts. The next update for data through today’s close will be back on schedule this Friday.
Ahead of Friday’s WASDE release, traders are expecting to see a 25 mbu increase to the old crop carryout figure to 2.047 bbu, likely due to the larger June 1 stocks. New crop is expected to see a sizable shift higher, with 2.289 bbu projected, a 158 mbu hike from last month if realized, due to the larger acreage.
Jul 24 Corn is at $4.03 1/4, up 7 1/2 cents,
Nearby Cash is at $3.83 3/8, up 3 cents,
Sep 24 Corn is at $3.95 3/4, up 2 1/2 cents,
Dec 24 Corn is at $4.10, up 2 1/4 cents,
New Crop Cash is at $3.70 1/4, up 2 3/4 cents,
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