Yesterday December corn took out its previous 2023 low of $4.73½ with a trade down to $4.69. It settled at $4.71½, down 4¾¢. None of the wheats took out last week’s low for the year and November beans were down 23½¢, but still $1.86 above its May 31st low for the year.
Two grain vessels reached Ukraine’s Chornomorsk Black Sea grain port on Sunday as Ukraine tries to prove it can ship grain out of its Black Sea ports without UN, Turkey, and Russian participation. Those two ships are expected to load a total of 20,000 mts of wheat for an African and Asian destination.
Russia is likely to try to disrupt those shipments to show that it is still a force to be reckoned with in the Black Sea. Were corn and beans in the dumper yesterday because Ukraine might be able to export corn and wheat again? Or were corn and beans in the dumper because harvest is approaching sooner than expected? Both.
The nation’s corn crop lost 1% out of the top two rating categories to 51% good or excellent, exactly what the market expected and 1% less than a year ago. The corn crop is 54% mature, 10% ahead of normal and it is 9% harvested, 2% ahead of normal.