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Markets once again turned their attention back to supply and demand fundamentals at the start of the week after Chicago corn futures hit a new nearly seven-month low amid selling pressure on funds sparked by recession fea.
As.
corn is about to enter a critical pollination period, uncertain weather in the.
Midwest may make it difficult for corn yields to achieve expected levels, helping corn futures prices to re-establish risk premiu.
But whether the rally lasts or is just an oversold rally depends on the weather and crop conditions in key corn producing regions in the coming wee.
The USDA supply and demand report on Tuesday will also bring the market's attention back to corn supply and demand fundamenta.
December 2022 corn futures on the Chicago Board of Trade (CBOT) closed at about $235 a bush on Friday, up 6% from a week a.
The spot offer for US Gulf .
2 yellow corn was $6875 per bushel per ton, up 18% from a week a.
November 2022 corn futures on the EURONEXT exchange closed at around €3075/ton, up 8% from a week a.
The FOB offer price of Argentine corn in Shanghe was $263/ton, down 4% from a week a.
September 2022 corn futures on the Dalian Commodity Exchange closed at around 2,722 yuan/ton on Friday, down 6% from a week a.
The.
dollar index closed at 10821 on Friday, up 82% from a week earli.
The West Texas Intermediate (WTI) August contract on the New York Mercantile Exchange (NYMEX) settled at $1079 a barrel on Friday, down 7% from a week earli.
The spot offer for US Gulf .
2 yellow corn was $6875 per bushel per ton, up 18% from a week a.
November 2022 corn futures on the EURONEXT exchange closed at around €3075/ton, up 8% from a week a.
The FOB offer price of Argentine corn in Shanghe was $263/ton, down 4% from a week a.
September 2022 corn futures on the Dalian Commodity Exchange closed at around 2,722 yuan/ton on Friday, down 6% from a week a.
The.
dollar index closed at 10821 on Friday, up 82% from a week earli.
The West Texas Intermediate (WTI) August contract on the New York Mercantile Exchange (NYMEX) settled at $1079 a barrel on Friday, down 7% from a week earli.
Good to good rate of.
corn crop continues to decline
corn crop continues to decline
The.
Department of Agriculture's weekly crop progress report showed that as of July 3, 64% of corn was good to good, down from 67% last week, below market expectations of 65%, and unchanged from a year earli.
Since the USDA first released corn ratings four weeks ago, the good-to-excellent rate has fallen 9 perce.
It is rare that the corn good-to-excellent rate has declined so rapidly at such an early sta.
Only three of the past 30 years have seen such a situation, namely 1998, 2012 and 202 This reflects the impact of hot and dry weather on crops in June and early Ju.
Department of Agriculture's weekly crop progress report showed that as of July 3, 64% of corn was good to good, down from 67% last week, below market expectations of 65%, and unchanged from a year earli.
Since the USDA first released corn ratings four weeks ago, the good-to-excellent rate has fallen 9 perce.
It is rare that the corn good-to-excellent rate has declined so rapidly at such an early sta.
Only three of the past 30 years have seen such a situation, namely 1998, 2012 and 202 This reflects the impact of hot and dry weather on crops in June and early Ju.
Drought intensifies in the.
Midwest
Midwest
Although the recent rains in parts of the Midwest, but not enough to ease the increasingly severe drought conditio.
Areas rated abnormally dry (D0) to super-arid (D4) in the continental.
increased 44% to 709% in the week ended July 5, largely due to intensifying drought in the Midwest, according to the.
Drought Monitor repo.
The drought in central and eastern Illinois escalated from moderate to severe as 30- to 60-day precipitation and soil moisture indicators deteriorated, and local corn crops faced moisture shortage pressu.
Central and southern Missouri also experienced severe drought since early June Less than 5 inches of rainfall has been recorded sin.
Since the first corn rating reports were released in early June, the good-to-good rate has fallen 28% in Indiana, 16% in Illinois, 50% in Kentucky and 21% in Oh.
Areas rated abnormally dry (D0) to super-arid (D4) in the continental.
increased 44% to 709% in the week ended July 5, largely due to intensifying drought in the Midwest, according to the.
Drought Monitor repo.
The drought in central and eastern Illinois escalated from moderate to severe as 30- to 60-day precipitation and soil moisture indicators deteriorated, and local corn crops faced moisture shortage pressu.
Central and southern Missouri also experienced severe drought since early June Less than 5 inches of rainfall has been recorded sin.
Since the first corn rating reports were released in early June, the good-to-good rate has fallen 28% in Indiana, 16% in Illinois, 50% in Kentucky and 21% in Oh.
Dennis Toddy, director of the.
Department of Agriculture's Midwest Climate Center, said the possibility of hot weather in mid-July could put more pressure on the corn crop in parts of the Corn Belt, which is entering a critical pollination peri.
The southern Plains, Texas, the lower Mississippi Valley and the northern Plains are likely to see maximum temperatures, he add.
The longer the hot weather lasts, the greater the risk to the corn cr.
Department of Agriculture's Midwest Climate Center, said the possibility of hot weather in mid-July could put more pressure on the corn crop in parts of the Corn Belt, which is entering a critical pollination peri.
The southern Plains, Texas, the lower Mississippi Valley and the northern Plains are likely to see maximum temperatures, he add.
The longer the hot weather lasts, the greater the risk to the corn cr.
Rainfall clouds will begin to shift from the Midwest over the next few days, with showers and thunderstorms over the Great Lakes on Friday, and skies over most of the country except the northern plains on Sunday, according to a NOAA forecast released Frid.
It will be sun.
Forecasts for the next 6-10 days and 8-14 days point to a continuation of the heat trend west of the Mississippi River through mid-July, with above-average temperatures in the eastern corn be.
It will be sun.
Forecasts for the next 6-10 days and 8-14 days point to a continuation of the heat trend west of the Mississippi River through mid-July, with above-average temperatures in the eastern corn be.
.
corn exports slow
corn exports slow
The.
Department of Agriculture's weekly export sales report showed net.
corn sales for 2021/22 fell by 66,600 tons in the week ended June 30, hitting a new annual l.
Net sales in 2022/23 were 111,200 tonnes, compared to 119,300 tonnes a week earli.
Year-to-date total.
corn sales (including both shipped and unloaded sales) are 634 million tons, down 14% year-on-year; total.
corn sales in 2022/23 are 49 million tons, down 53% year-on-ye.
Department of Agriculture's weekly export sales report showed net.
corn sales for 2021/22 fell by 66,600 tons in the week ended June 30, hitting a new annual l.
Net sales in 2022/23 were 111,200 tonnes, compared to 119,300 tonnes a week earli.
Year-to-date total.
corn sales (including both shipped and unloaded sales) are 634 million tons, down 14% year-on-year; total.
corn sales in 2022/23 are 49 million tons, down 53% year-on-ye.
Brazil's second-crop corn production continues to rise
With the rapid progress of the second-season corn harvest in Brazil, the yield situation has become more and more clear, and many institutions have raised the country's production forecast this we.
Brazil's second-season corn harvest was 28 percent complete as of July 2, 6 percent higher than a week earlier and 11 percent higher than a year earlier, the National Commodities Supply Corporation (CONAB) sa.
AgRural data showed that as of the end of June, Brazil's second-crop corn harvest was 37%, compared with 12% in the same period last ye.
Brazil's second-season corn harvest was 28 percent complete as of July 2, 6 percent higher than a week earlier and 11 percent higher than a year earlier, the National Commodities Supply Corporation (CONAB) sa.
AgRural data showed that as of the end of June, Brazil's second-crop corn harvest was 37%, compared with 12% in the same period last ye.
In the monthly report released by CONAB on July 7, Brazil's second-season corn production is expected to be 8448 million tons, an increase of nearly 500,000 tons or 8% from June, and an increase of 46% from the previous year, due to the increase in yield and planting area in the central and western regions; Brazil's total corn production in 2021/22 is expected to reach a record 11663 million tons, an increase of 38% year-on-ye.
The US Department of Agriculture's Overseas Agricultural Service's July 1 counselor's report showed that Brazil's corn production forecast for 2022/23 was raised to 120 million tons, slightly higher than earlier expectations, and higher than the 116 million tons in 2021/2 Because of the high yield of corn planting, abundant arable land, and improved fertilizer supp.
For comparison, the USDA's official June forecast was 126 million to.
For comparison, the USDA's official June forecast was 126 million to.
Consulting firm StoneX expects Brazil's total corn production in 2021/22 to reach a record 1134 million tons, up from 118 million a month ago and up from 863 million in the previous year; Brazil's 2022 corn exports are estimated at 41 million tons, which will tie the historical record of 2018/19, up from 29 million tons in the previous year; corn imports are expected to be 1 million tons, down from 09 million tons in the previous year; ending stocks are expected to be 176 million tons , higher than the previous year's 92 million tons; the corn ending inventory-to-use ratio is expected to be 11%, higher than the previous year's
Brazil's corn exports accelerate
Brazil's corn exports have picked up pace as new grains come to market, market supplies improve and prices fa.
According to the shipping schedule, Brazil's corn exports in July may reach 8 million tons, up 8 million tons from a year earlier, shipping agency Cargonave sa.
The pace of Brazil's corn exports will be stronger in the coming months as the second corn harvest picks up pa.
Brazil's corn exports in July 2022 are forecast at 38 million tonnes, up from 04 million tonnes in July last year, the Brazilian Association of Grain Exporters (ANEC) sa.
According to the shipping schedule, Brazil's corn exports in July may reach 8 million tons, up 8 million tons from a year earlier, shipping agency Cargonave sa.
The pace of Brazil's corn exports will be stronger in the coming months as the second corn harvest picks up pa.
Brazil's corn exports in July 2022 are forecast at 38 million tonnes, up from 04 million tonnes in July last year, the Brazilian Association of Grain Exporters (ANEC) sa.
EU corn production is expected to fall 4% year-on-year
EU growers' group COPA-COGECA said maize production in the EU-27 in 2022 will be 4% lower than the previous year, while total cereal production will be down
