Corn is trading with fractional gains to start the midweek session. Futures closed out the Tuesday session with 3 to 7 ½ cent lower trade, as better crop ratings and a less threatening forecast provided no support. A wetter outlook for the next week weighed on the market. NOAA’s 7-day QPF shows 1-2 inch totals for much of MN, WI, IA, IL, IN, and OH.
EIA data will be updated on Wednesday morning with most expecting to see steady ethanol production, during the week of July 26, from the 1.095 million barrels per day in the week prior.
NASS Crop Progress data from Monday afternoon showed 77% of the US corn crop was silking as of July 28, 1% point above the 5-year average. Most of the northern states, MN and the Dakotas, which have been behind in growing degree days, were lagging their average. NASS also reported 30% of the crop in the dough stage, 8 percentage points faster than average.
Condition ratings were up 1% point from the week prior to 68% in good/excellent conditions, raising the Brugler500 index 2 points to 372. Using that all rating inclusive Brugler500 index, the I-states were up in a range of 3 to 5 points, as Ohio was up 3 points on the week. Some of the weaker spots included ND, down 6 with KS 8 point slower and MO/NE down a single point.
Sep 24 Corn closed at $3.88 3/4, down 7 1/2 cents, currently unch
Nearby Cash was $3.79, down 9 cents,
Dec 24 Corn closed at $4.05, down 7 1/4 cents, currently up ¼ cents
Mar 25 Corn closed at $4.20 1/4, down 6 3/4 cents, currently up ¼ cents
New Crop Cash was $3.67 3/4, down 8 1/4 cents,
On the date of publication, Alan Brugler 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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
