Corn price action is down 2 to 3 cents so far on Tuesday. Futures took back much of the Monday weakness, with contracts closing 5 to 6 ¾ cents in the front months and steady to 2 cents higher in the deferreds. Open interest was down just 1,991 contracts on Tuesday. The CmdtyView national average Cash Corn price was up 6 3/4 cents at $4.28 1/4.
Monday’s Crop Progress report showed condition ratings falling 4% at 63% in good to excellent condition, as the Brugler500 index were down 11 points to at 361. The only major state to see a ratings improvement was MO, with a NC and TN also higher. All of the other 15 reported states were lower, led by a 29 point drop in CO, with MI down 28 points, ND falling 21 point, SD dropping 20 and NE falling 18 points.
Brazil’s ANEC estimates the country’s corn exports in July at 3.3 MMT, a 0.4 MMT drop from their estimate last week, but would still be well above the 2.43 MMT from last year.
A South Korean importer purchased a total of 69,000 MT of corn in a tender overnight.
Sep 26 Corn closed at $4.58 1/2, up 6 3/4 cents, currently down 2 3/4 cents
Nearby Cash was $4.28 1/4, up 6 3/4 cents,
Dec 26 Corn closed at $4.80 1/2, up 6 1/2 cents, currently down 2 3/4 cents
Mar 27 Corn closed at $4.95 3/4, up 6 1/4 cents, currently down 2 3/4 cents
New Crop Cash was $4.32 5/8, up 6 3/4 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.
