Corn 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.
A private export sale of 100,000 MT of old crop corn was reported to Columbia by the USDA this morning.
Crop Progress data on Monday showed IL at 17% silking, 14% above normal, with KS 30% and 17% faster than the average and Missouri at 35% (vs the 10% average). None of the 18 reported states were tallied as lagging the average pace. 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. In more measurable 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,
Nearby Cash was $3.93 1/4, up 1 3/4 cents,
Sep 24 Corn closed at $4.08, up 1 cent,
Dec 24 Corn closed at $4.21 1/4, up 3/4 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.
