Corn Futures Market News and Commentary
Tuesday corn prices pulled back some from early session and overnight gains to close fractionally to a penny red. September ’22 contracts were the weakest, as prices fell 3 1/4 cents on the session. The July ’22 to Sept ‘22 inverse is now 47 3/4 cents. Sept to December nearby is just 2 1/2 cents inversed. Red Sept to red Dec has a 15 cent inverse on the board.
Despite USDA showing conditions declining last week, the outlook is for slightly wetter forecasts as we head into August. The 7-day QPF shows 1-2 inchs in parts of SD, NE, southern IA, northern IN and OH. The 8-14 day outlook shows above normal chances for precip in the ECB.
The AgRural reported Brazilian corn harvest for the Central South at 39% complete through July 22. Through the week harvest had progressed by 9%, but is still late compared to 53% complete last season.
Sep 21 Corn closed at $5.48 3/4, down 1 cent,
Nearby Cash was $6.23 5/6, down 1 cents,
Dec 21 Corn closed at $5.46 1/4, d... Read more