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Market Comments covers weekly developments from Wed. to Tues.
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Weekly Market Comments: 6/23/10
 
Corn Progress Report is the Best in Ten Years
Typically, in the middle of June, aridity concerns set a foundation for prices to launch.  Recent tropical conditions in the western corn-belt, however, have conditions reported at 75% Good/Excellent in Monday's Crop Progress Report.  These are the best corn crop conditions reported at this time of year since 1999. 
Crop conditions were still down 2 points from last week which may indicate that reports will start to show stress from conditions that are too wet, not too dry. There is something about rain that stymies price volatility.   
China News
The past couple of days have seen 2 significant events connected to China.  The first shipment of recently booked corn was unloaded in China with no issues raised over GMO.  China will be a net importer of corn for the first time in fourteen years.  Also, the Chinese yuan was raised to a new high against the U.S. dollar, which is bullish for commodity prices in general.
 
Tuesday's Chicago December Corn Futures Price Close (4 harvests):  
2010 - $3.72,   2011 - $4.03,   2012 - $4.11,   2013 - $4.17
 
Improving Ethanol Efficiency
The USDA's Office of Energy Policy released a new report showing improvement in energy efficiency in the corn-ethanol industry.

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