Corn prices are trading steady to down 1 ¼ cents so far on the day before the holiday break. Futures closed out the Tuesday session mixed, as contracts faded off the early strength. Front months were fractionally to 3 ¾ cents higher, with deferred contracts steady to 5 ½ cents lower. The market will be closed on Thursday for Independence Day, with Friday a hard open at 8:30 am CDT. 

There were 31 contracts issued against July futures deliveries overnight, with Bunge stopping all of them for the house account. 

State level crop condition ratings saw a notable deterioration in NC (very small production totals but important for some ECB basis levels due to hog production), with ratings down 177 points on the Brugler 500 index from the initial rating to 216. Among larger states, IA was down 6 points, with KS losing 9 points, MN 6 points lower and NE slipping 5 points. IL improved 3 points, with IN up 6, and OH 4 points higher.

AgroConsult estimates the Brazilian second corn crop at 100.5 MMT, which is a 3.8 MMT hike from their previous estimate in May. The total corn production was taken to 126.5 MMT.

Jul 24 Corn  closed at $4.02, up 3 3/4 cents, currently unch

Nearby Cash  was $3.93 1/4, up 1 3/4 cents,

Sep 24 Corn  closed at $4.08, up 1 cent, currently down 1 ¼ cents

Dec 24 Corn  closed at $4.21 1/4, up 3/4 cent, currently down 1 cent

New Crop Cash  was $3.82 1/1, down 2 cents,
On the date of publication, Alan Brugler 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.