Corn price action is up 1 to 2 cents so far on Tuesday morning. Futures closed the Monday session with contracts 3 to 6 ¼ cents higher across most months. Open interest suggested net new buying, up 15,298 contracts, mainly in December. The CmdtyView national average Cash Corn price was up 6 1/4 cents at $4.36 1/4.
The ProFarmer Crop Tour started on Monday, with South Dakota corn yields averaging 149.09 bushels per acre down 14.41% from the last year and 8.37% below the 3 year average. Ohio yields came in at 180.18 bpa, down 2.97% from a year ago and a 2.25% decline from the three year average.
The weekly Crop Progress report showed 76% of the US corn crop in the dough stage by August 16, with 29% dented and 4% listed as mature. Condition ratings were down 1% this week at 60% in good to excellent condition, as the Brugler500 index was down 3 points to 353.
Monday morning’s Export Inspections report showed corn shipments of 1.91 MMT (75.23 mbu) in the week of August 13. That was up 8.55% from the week prior and 81.71% larger than the same week last year. Mexico was the largest destination of 699,695 MT, with 499,733 MT shipped to Japan and 141,496 MT to Colombia. The marketing year total is now 80.95 MMT (3.186 bbu) of corn exports, which is now 26.05% ahead of the same period last year with just over two weeks left in the marketing year.
Sep 26 Corn closed at $4.65, up 6 cents, currently up 1 1/2 cents
Nearby Cash was $4.36 1/4, up 6 1/4 cents,
Dec 26 Corn closed at $4.89 1/2, up 6 1/4 cents, currently up 2 cents
Mar 27 Corn closed at $5.05 1/4, up 6 1/4 cents, currently up 1 3/4 cents
New Crop Cash was $4.40 3/8, up 6 1/4 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
