Corn Pullback Extends into Midday, well off of Lows
Corn prices are 2 to 3 cents lower in late morning Tuesday activity at the CME. Futures closed out the Monday session 4 to 5 ½ cents in the red. Preliminary open interest was down 1,259 contracts on Monday. The CmdtyView national average new crop Cash Corn price was $3.775 this morning, down 2 ¾ cents.
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.
More News from Barchart
The Monday morning USDA Grain Inspections report indicated 983,625 MT were inspected for export in the reporting week ending July 17. That was down slightly from 991,257 MT a year ago, and well off of the updated 1.314 MMT shipped the previous week. The YTD inspections total 58.718 MMT (~2.315 billion bushels), up 28.9% from a year ago at the same time.
A South Korean importer tendered for 140,000 MT of corn overnight.
Sep 25 Corn is at $4.01 1/4, down 2 1/2 cents,
Nearby Cash is at $3.88 3/4, down 2 1/2 cents,
Dec 25 Corn is at $4.20, down 2 1/4 cents,
Mar 26 Corn is at $4.37 1/2, down 2 1/4 cents,
New Crop Cash is at $3.78 3/4, down 2 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. This article was originally published on Barchart.com
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