Corn futures closed out the Monday session with contracts closing 3 to 4 ¼ cents higher in the front months. That came following a weaker start to the day, as outside factors were sending early action into risk-off mode.
NASS data released this afternoon showed the US corn crop 88% silking, on par with normal, as 46% were in the dough stage and 7% dented, both ahead of normal. Condition ratings across the country were down a total of 1% to 67% gd/ex, as the Brugler500 index, taking in all 5 USDA categories, was down 2 to 370.
This morning’s Export Inspections report showed 1.213 MMT (47.77 mbu) of corn shipped during the week that ended on August 1. That was more than triple the same week of last year and a 13.37% improvement from the previous week. Japan led all destinations with 520,940 MT in shipments, with 262,587 MT headed to Mexico. Total marketing year exports have totaled 47.88 MMT (1.885 bbu) as we head into the last month of the MY, a 35.97% increase from last year.
Sep 24 Corn closed at $3.90 3/4, up 4 1/4 cents,
Nearby Cash was $3.80 3/4, up 3 3/4 cents,
Dec 24 Corn closed at $4.07, up 3 3/4 cents,
Mar 25 Corn closed at $4.24 1/4, up 3 1/2 cents,
New Crop Cash was $3.71 1/1, up 3 3/4 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.
