Grain Express

Corn (July)

Fundamentals: Yesterday morning, the USDA announced another flash sale of corn, to China for 2021/2022, this time for 1,360,000 metric tons. The market was able to consolidate higher yesterday, but lacked conviction from the buyside, despite the continued large flash sales. Large funds who have been long the market since last fall are likely booking some profits in anticipation of a lot more acres showing up in next month’s USDA report.