USDA expected to adjust area and production projection of corn in July report

The article highlights the critical period for U.S. corn crops with a focus on weather conditions and upcoming USDA supply and demand updates. It notes the significant decrease in U.S. weekly exports, which may impact export expectations and increase final stock. The article also touches on the impact of rainfall patterns and temperatures on crop conditions in the Midwest, and the need for uniform rainfall for good crops. Additionally, it discusses the stability of corn prices above USD 4.00/bushel, influenced by concerns over France's wheat and corn crops and rising oil prices. The USDA's upcoming reports are anticipated to provide more insights into production projections and demand for the 2024/25 crop, with potential implications for new-crop stocks and corn prices.

The critical phase for corn crops in the United States has arrived, and all attention is now focused on daily weather updates for the next two weeks. While the weather plays its market speculative role, the week will also see the USDA update the supply and demand picture. This report should not bring any surprises, just the production projection adjustments based on the June 30 report for the planted area. Weekly exports falling sharply appear to signal a convergence of demand for Brazilian corn at this time. US weekly sales fell significantly at the beginning of July. From an average of one mln tons per week, the average dropped to less than 500 thousand tons per week. Could this movement determine a cut in export expectations for the current business year and generate a higher final stock? Weekly sales would likely continue at this pace until the end of August. This movement of falling local sales suggests a global movement to purchase Brazilian corn from now on and then, later, ...