Corn Closes Weaker on Wednesday
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Following the USDA updates, corn futures ended the midweek session in the red. USDA’s old crop cash average price was upped a nickel to $4.35. New crop futures closed the session with double digit losses led by an 18 1/4 cent pullback in Dec. The projected cash average price for new crop is $5.70/bu. 

USDA increased expected old crop exports by 100 mbu to 2.775 bbu. The U.S. export market share is now 37.7% of the global supply compared to 36.3% in the April report. Old crop carryout was then left at 1.257 bbu, compared to the average guess of 1.275 bbu. 

Preliminary US new crop production is forecasted at 14.990 bbu, against 14.765 bbu of demand. Adding the 1.257 bbu of carryout left the balance at 1.507 bbu for the initial carryout figure. Also noteworthy, Chinese imports for 21/22 were reported at 26 MMT. That is above the 24 MMT forecasted for 2020/21, but well above the 15 MMT estimated by the Ag Attaché. Global corn carryout is projected to bounce back by 9.3 MMT to 292 MMT, though the trade was expecting to see 284 MMT. 

USDA forecasted Brazilian corn production at 102 MMT. That was 4.4 MMT below the 106.4 MMT from CONAB this morning. Traders were looking for a 5.7 MMT cut from 109 MMT. CONAB data showed a 2.5 MMT cut from 108.97. World carryout was UNCH from April at 283.53 MMT. USDA offset tighter U.S. stocks and smaller Brazil output by increasing carryin, upping Chinese stocks by 2 MMT, and smaller increases for Russia and Canada. 

Jul 21 Corn  closed at $7.14 3/4, down 7 1/2 cents,

Nearby Cash  was $7.29 3/8, down 7 5/8 cents,

Sep CM  was $621.50, down 1350 cents,

Dec 21 Corn  closed at $5.93, down 18 1/4 cents,

New Crop Cash  was $5.68 2/5, down 17 7/8 cents,




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