AM corn prices are fractionally to 2 cents lower so far in the midweek session. Front month corn futures traded higher most of Tuesday, finishing ~2 cents off their daily highs. July rallied 6 1/2 cents on the day and the other nearby contracts were 7 1/4 to 7 3/4 cents higher. Preliminary open interest rose another 4,480 contracts, with short covering in July but new buying for most other contracts.
The old crop ECB basis was near 11 1/2 cents according to cmdtyView, while WCB bids remain 42 3/4 cents above the July. The new crop bids average 36 cents under Dec, compared to -29 cents last year at this time.
NOAA’s 7-day QPF shows a dry week for Indiana west as far as E. NE. Some parts of OH and E. KS will get 1/4”, but most of the Corn Belt will be completely absent of rain through the week. USDA’s Crop Explorer map has the WMO leaning adequate to limited in Iowa. Kansas and Nebraska soil moisture remain insufficient.
CONAB reported that Brazil’s Safrinha corn crop was 0.2% harvested, with 13.6% mature as of Sunday.
Jul 23 Corn closed at $5.77 1/2, up 6 1/2 cents, currently down 1 cent
Nearby Cash was $6.09 3/8 on Tuesday, up 7 1/8 cents,
Sep 23 Corn closed at $5.12, up 7 1/4 cents, currently down 1 1/4 cents
Dec 23 Corn closed at $5.16 3/4, up 7 3/4 cents, currently down 1/4 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.
/Robinhood%20app%20on%20phone%20by%20Andrew%20Neel%20via%20Unsplash.jpg)
/Nvidia%20logo%20by%20Konstantin%20Savusia%20via%20Shutterstock.jpg)
