Corn Shrugging Off Overnight Weakness
Corn prices are showing fractional gains this morning after a bout of weaker trade overnight. Futures held up into the close on Turnaround Tuesday, posting gains of 5 to 6 ¼ cents across the front months. Preliminary open interest showed net new buying, up 24,665 contracts. The CmdtyView national average Cash Corn price was up 6 1/4 cents at $3.85 ¼.
Crop Progress data showed the US corn crop at 7% harvested, matching the 5-year average pace. Condition ratings were down 1% to 67% gd/ex, as the Brugler500 index was 3 points lower to 372. The only of the major states to see an increase in conditions were IL (+2), NE (+3), and OH (+1). Conditions dropped in IN (-7), IA (-4), MN (-3), MO (-3), and ND (-4).
Early harvest reports are coming back with some looking at yields below last year. The market will be looking to see if this is a wider trend as harvest pushes or just due to the early crop coming off.
ANEC estimates the Brazilian corn export total in September at 7.12 MMT, which is 0.16 MMT above the previous estimate last week.
A private South Korean importer purchased 65,000 MT of corn in a tender late last week.
Dec 25 Corn closed at $4.29 1/2, up 6 1/4 cents, currently up ½ cent
Nearby Cash was $3.85 1/4, up 6 1/4 cents,
Mar 26 Corn closed at $4.47, up 6 cents, currently up ¾ cent
May 26 Corn closed at $4.56 3/4, up 5 1/2 cents, currently up ½ cent
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.