Corn price action is 1 to 2 ¼ cents so far on Tuesday morning. Futures closed the Monday session holding onto the rally and closing near the highs, up 14 ½ to 16 ¼ cents across the front months and 8 to 10 ½ cents higher in the deferreds. Short covering was noted, with open interest dropping 5,923 contracts, mainly in the front three contracts. There were another 9 deliveries issued against July corn overnight. The CmdtyView national average Cash Corn price was 15 cents higher at $4.08 3/4.
The weekly Crop Progress report showed 16% of the US corn crop silking by July 5, 2 percentage points ahead of the 5-year average, with 3% in the dough stage. US condition ratings were left at 67% in good to excellent condition, as the Brugler500 index was also steady at 371.
The 7-day forecast shows rainfall totals of 1 to 3 inches across parts of the Dakotas and MN, mainly in the next couple days. Eastern Corn Belt totals are a half inch to 2 inches in the next week, with up to an inch in parts of IA, MO, and NE. The 8-14 day outlook shows warmer temps across the country, with a dry pocket in the central part of the US.
Monday morning’s Export Inspections report showed corn shipments of 1.642 MMT (64.63 mbu) in the week of 7/2. That was down 9.64% from the week prior but 4.98% above the same week last year. Mexico was the largest destination of 557,071 MT, with 311,567 MT shipped to Japan and 221,783 MT headed to Colombia. The marketing year total is now 70.57 MMT (2.778 bbu) of shipments, which is now 24.87% above the same period last year.
CFTC data released a day late due to the holiday, showed the managed money net short in corn futures and options trimmed by 23,482 contracts to 46,209 contracts as of June 30.
Jul 26 Corn closed at $4.40 3/4, up 15 3/4 cents, currently up 1 1/4 cents
Nearby Cash was $4.08 3/4, up 15 cents,
Sep 26 Corn closed at $4.38 1/4, up 15 1/4 cents, currently up 1 1/2 cents
Dec 26 Corn closed at $4.57 3/4, up 16 1/4 cents, currently up 2 cents
New Crop Cash was $4.11 7/8, up 12 1/2 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.
