Corn Weakness Extends to the Tuesday Close
Corn futures edged back towards their intraday lows at the Tuesday close, settling with 4 to 5 cent losses. The CmdtyView national average new crop Cash Corn price was down 4 ½ cents on Tuesday at $3.765.
Rain is expected to continue across much of the Corn Belt in the next week, with lighter totals seen in MI, NE, MO and the Southern Plains.
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USDA’s NASS division weekly Crop Progress data indicated 56% of the US corn crop was silking as of 7/20, trailing the 5-year average by 2 points. The crop was 14% in the dough stage, vs. the 12% average. Condition ratings were unchanged at 74% gd/ex and 385 on the Brugler500 index. Iowa condition ratings were the strongest, with Michigan rated the worst among the bigger acreage states.
ANEC estimates the July Brazil corn exports at 4.14 MMT, which is down from the 4.6 MMT estimate in the week prior.
Sep 25 Corn closed at $3.99 1/4, down 4 1/2 cents,
Nearby Cash was $3.86 1/2, down 4 1/2 cents,
Dec 25 Corn closed at $4.18, down 4 1/4 cents,
Mar 26 Corn closed at $4.35 3/4, down 4 cents,
New Crop Cash was $3.76 1/2, down 4 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.
