Corn prices are showing fractional gains this morning after a bout of weaker trade overnight. Futures held up into the close on Turnaround Tuesday, posting gains of 5 to 6 ¼ cents across the front months. Preliminary open interest showed net new buying, up 24,665 contracts. The CmdtyView national average Cash Corn price was up 6 1/4 cents at $3.85 ¼.
Crop Progress data showed the US corn crop at 7% harvested, matching the 5-year average pace. Condition ratings were down 1% to 67% gd/ex, as the Brugler500 index was 3 points lower to 372. The only of the major states to see an increase in conditions were IL (+2), NE (+3), and OH (+1). Conditions dropped in IN (-7), IA (-4), MN (-3), MO (-3), and ND (-4).
