Midday corn prices are trading with 5 1/4 to 7 cent gains. That has the December contract just 1/2 a cent under the session high, and working near last week’s highs.
The old crop ECB basis was near 11 1/2 cents according to cmdtyView, while WCB bids remain 42 3/4 cents above the July.
NOAA’s 7-day QPF shows a dry week for Indiana Westbound through E. NE. Some parts of OH and E. KS will get 1/4”, but most of the corn belt will be completely absent of rain through the week. USDA’s Crop Explorer map has the WMO leaning adequate to limited in Iowa. Kansas and Nebraska soil moisture remain insufficient.
Weekly Crop Progress data from NASS had 81% of the 23/24 corn crop planted as of 5/21. That was a 16% point advancement through the week and remains 6% points ahead of the 5-yr average. NASS marked emergence at 52%, compared to 30% last week and 45% on average.
Jul 23 Corn is at $5.77 1/2, up 6 1/2 cents,
Nearby Cash is at $6.09 1/8, up 6 7/8 cents,
Sep 23 Corn is at $5.10 3/4, up 6 cents,
Dec 23 Corn is at $5.15 3/4, up 6 3/4 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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