Corn futures rallied double digits on Thursday. Old crop July closed 10 1/4 cents higher, but is still 40 3/4 cents below May with 6 trade days before expiration. New crop December led the way higher with a 3.43% gain to the highest Dec contract price since 2012. 

USDA’s weekly corn Export Sales were a combined 243,547 MT. That was on the low end of expectations with 137k MT of old crop and 106k MT sold for 21/22 delivery. Corn shipments on the other hand were reported at a 7 week high of 2.195 MMT. That brought accumulated exports to 43.5 MMT or 1.713 bbu. Outside of the Export Sales report, South Korea issued an international tender for 276,000 MT of optional origin corn. 

USDA shows Brazil’s soil moisture ranges from 0% (insufficient) to 50% (adequate) across the second crop corn area. Mato Grosso do Sul, Goiás, Paraná, and São Paulo are the most dry according to the WMO map.  

May 21 Corn  closed at $7.59 1/2, up 6 1/4 cents,

Jul 21 Corn  closed at $7.18 3/4, up 10 1/4 cents,

Nearby Cash  was $7.32 6/7, up 10 1/8 cents,

Dec 21 Corn  closed at $6.25 1/2, up 20 3/4 cents,

New Crop Cash  was $6.00 1/8, up 20 7/8 cents,