Corn price action is down fractionally to a penny so rat on Wednesday morning. Futures gave back some of the Monday gains on Tuesday, closing with losses of 1 to 2 cents of most contracts. Preliminary open interest was up 5,956 contracts on Tuesday, as there still has yet to be any deliveries against September futures for the month. The CmdtyView national average Cash Corn price was down 2 cents at $3.75.
NASS reported the US corn harvest progress at 4% complete. Harvest was at 1% in IN and 2% in IL, with MO at 9% complete. Condition ratings were down 1% to 68% gd/ex, with the Brugler500 index down 1 point to 375. Noticeable ratings drops were noted in OH, down 23, with MI dropping 10 and IA down 9.
USDA will release their monthly Crop Production report on Friday, with a Reuters survey of analysts looking for a 2.6 bpa reduction to yield this month to 186.2 bpa. Production is seen at 16.516 bbu, which would be down 226 mbu from the August estimate.
ANEC estimates the Brazilian corn exports in September at 6.96 MMT, up 0.59 MMT from their estimate last week.
A South Korean importer issued a tender for 140,000 MT of corn with a deadline of September 11.
Sep 25 Corn closed at $4.01 1/4, down 1 3/4 cents, currently unch
Nearby Cash was $3.75, down 2 cents,
Dec 25 Corn closed at $4.19 3/4, down 2 cents, currently down 1 cent
Mar 26 Corn closed at $4.37 1/2, down 2 cents, currently down 1 cent
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.
