Corn Extend Gains to Tuesday
Corn futures extended the rally to Tuesday, with contracts closing 3 ½ to 6 ¾ cents higher, as July was just 1 ¾ cents higher. The CmdtyView national average Cash Corn price was a nickel higher at $4.13 3/4.
The weekly Crop Progress report showed 16% of the US corn crop silking by July 5, 2 percentage points ahead of the 5-year average, with 3% in the dough stage. US condition ratings were left at 67% in good to excellent condition, as the Brugler500 index was also steady at 371. Improvement (via the Brugler500 index) was noted in MI (+19), MN (+7), SD (+5), MO (+4), and IA (+1). Deterioration was seen in TX (-14), OH (-12), NE/IL/KS (-5), ND (-4) and IN (-2).
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Monthly Census data showed corn exports during May at 7.252 MMT (284.5 mbu), which was shy of the 2020/21 record and the third larger May on record. That was up 0.18% from a year ago but down 3.62% from a year ago. Distillers exports were 1.081 MMT, the second largest May on record. Ethanol exports were a record 189.65 million gallons, up 6.59% from last year and 7.22% above April.
Jul 26 Corn closed at $4.42 1/2, up 1 3/4 cents,
Nearby Cash was $4.13 3/4, up 5 cents,
Sep 26 Corn closed at $4.43 3/4, up 5 1/2 cents,
Dec 26 Corn closed at $4.64 1/4, up 6 1/2 cents,
New Crop Cash was $4.15 7/8, up 4 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.
