Corn Pushing to New Lows as Conditions Improve
Corn futures are extending the losses on Tuesday with September flirting with $4 and contracts down 2 to 4 cents. There were 77 deliveries issued against July corn futures overnight. The front month CmdtyView national average Cash Corn price is down 3 1/2 cents at $3.86 1/2
USDA reported a private export sale of 112,776 MT of corn to Mexico this morning, all for new crop shipment.
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The Central Corn Belt is expected to receive 1 to 2 inches of rain this week, with the western half of the Plains and parts of IN and OH seeing lighter totals.
Crop Progress data showed 18% of the US corn crop was silking by July 6, 3 points ahead of normal, with 3% in the dough stage. Condition ratings were up 1% to 74% good/excellent, with the Brugler500 index improving 3 points to 385.
CFTC data showed specs adding 24,181 contracts to their growing net short position in corn futures and options as of July 1. That net short was 206,463 contracts as of last Tuesday.
Jul 25 Corn closed at $4.14, down 4 cents,
Nearby Cash was $3.86 1/2, down 3 1/2 cents,
Sep 25 Corn closed at $4.00, down 3 1/2 cents,
Dec 25 Corn closed at $4.16 1/2, down 4 1/4 cents,
New Crop Cash was $3.75 1/4, down 3 1/4 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.
