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Austin Schroeder

Corn Shrugging Off Early Tuesday Weakness for Midday Gains

CmdtyView Crop Progress

Corn futures are trading with fractional to 2 cent gains so far on Tuesday, pulling off early weakess. There were another 9 deliveries issued against July corn overnight. The CmdtyView national average Cash Corn price is a penny higher at $4.09 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. Improvement (via the Brugler500 index) was noted in MI (+19), MN (+7), SD (+5), MO (+4), and IA (+1). Deterioration was seen in TX (-14), OH (-12), NE/IL/KS (-5), ND (-4) and IN (-2).

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