Corn price action is showing steady trade across the front months on Wednesday morning. Futures closed out the Tuesday session with contracts down 3 to 4 cents, as the market tries to digest some of the current boots on the ground data. The CmdtyView national average Cash Corn price was down 3 1/4 cents at $3.62 1/2.
Day 2 of the annual ProFarmer showed a Nebraska yield estimated at 179.5 bpa, up from 173.25 bpa last year and the 166.33 3-year average, but shy of their 2021 record. USDA is looking for a 4 bpa increase yr/yr. Yield in Indiana was estimated at 193.82 bpa, which is up 6.28 bpa from last year’s tour total and well 10.71 bpa above the 3-year average. USDA was looking for a 7 bpa increase from last year in last Tuesday’s report.
Monday afternoon’s weekly Crop Progress report conditions down 1 point this week, to 71% gd/ex and 382 on the Brugler500 index. Notable improvement was in IL (+2), IA (+1), MO (+3), and NE (+1). Ratings slipped in IN (-1), MN (-4), ND (-2), OH (-2), and SD (-1).
Brazil’s corn exports are pegged at 8.05 MMT for August according to ANEC, which is up 0.08 MMT from last week’s estimate.
Sep 25 Corn closed at $3.79 1/2, down 3 1/2 cents, currently unch
Nearby Cash was $3.62 1/2, down 3 1/4 cents,
Dec 25 Corn closed at $4.03 1/4, down 3 1/4 cents, currently down 3/4 cent
Mar 26 Corn closed at $4.20 3/4, down 3 1/2 cents, currently down 1/2 cent
New Crop Cash was $3.58 1/1, down 3 1/2 cents,
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.
