Corn Market Extends Tuesday Retreat
BRUG - Wed Jul 10, 7:28AM CDT

Corn futures are trading 3 to 4 cents lower this morning. They settled 6 to 7 cents lower in the 2019 contracts on Tuesday. Some of the late 2020 contracts were down a penny or less. Warmer weather expected in the coming week was seen as aiding crop maturity. Ahead of Thursday’s monthly USDA update, analysts are looking for old crop corn ending stocks to rise slightly to 2.204 bbu according to a Bloomberg survey. New crop is expected on average to be trimmed by 12 mbu to 1.663 bbu but the range of ideas out there is huge. A Ukrainian weather forecaster pegs the country’s corn crop at 36 MMT (vs. 33 MMT from USDA), noting favorable weather conditions.

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