5/30/2023 8:00 am
Corn market is slightly lower in consolidating trade with July corn finding some resistance at the $6.06 area. July corn has rallied 5 sessions in a row and over 50 cents/bu from its low so consolidation is expected heading into month end.
This afternoon we will get the 1st G/E rating of the season for corn. Analysts believe it will be in the 68-73% G/E range.
Weather maps have little moisture for the central Corn Belt the next 10 days, which is not too worrisome at this point but will be if the trend continues into mid-late June.
Brazil's safrinha corn crop just getting underway at less than 1.0% harvested. Wide range of Brazil total corn production estimates yet from 127.5 mmt to 137 mmt.
Look for weaker trade today on consolidation.