Corn prices are down 3 to 4 cents early on Tuesday. Futures rounded out the Monday session holding steady from the midday action. Contracts were down ¾ cent for September and 1 to 2 cents higher in other front months. Preliminary open interest was up 9,482 contracts on Monday. The CmdtyView national average Cash Corn price was down 1 cent at $3.65 3/4.
Monday afternoon’s weekly Crop Progress report showed the US corn crop at 97% silking, with 72% in the dough stage, both 1% back of normal. The crop was also listed at 27% dented as of Sunday, with 3% mature. Conditions slipped 1 point this week, to 71% gd/ex and 382 on the Brugler500 index.
The annual ProFarmer crop tour started on Monday, with the Ohio crop pegged at 185.69 bpa, up from 183.29 bpa last year and the 180.47 3-year average. USDA is looking for a 19 bpa increase yr/yr. Yield in South Dakota was estimated at 174.18 bpa, which is up 17.67 bpa from last year’s tour total and well 30.05 bpa above the 3-year average. USDA was looking for a 4 bpa increase from last year in last Tuesday’s report.
Export Inspections data showed 1.05 MMT (41.36 mbu) of corn shipped in the week that ended on August 14, which was down 30.99% from the week prior and 13.7% below the same week last year. Mexico was the top destination of 376,919 MT, with 173,622 MT to Japan and 132,555 MT to South Korea. Marketing year shipments have totaled 64.22 MMT (2.528 bbu) since September 1, 28.03% larger yr/yr.
Sep 25 Corn closed at $3.83, down 3/4 cent, currently down 3 3/4 cents
Nearby Cash was $3.65 3/4, down 1 cent,
Dec 25 Corn closed at $4.06 1/2, up 1 1/4 cents, currently down 3 3/4 cents
Mar 26 Corn closed at $4.24 1/4, up 1 3/4 cents, currently down 4 cents
New Crop Cash was $3.61 3/8, down 0 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.
