Red Start for Midweek Corn Market

Front month corn prices are at their overnight lows into the day trade on double digit drops of as much as 2.6%. Futures dropped more than 4% on Tuesday, taking the new crop markets half-way back to the mid-May lows. At the close, the board was 14 1/4 cents weaker in July. July futures have 95,709 contracts of OI remaining ahead of Friday’s FND. The new crop futures were down by 25 to 27 3/4 cents. 

Crop Progress data from NASS showed the national crop is 4% silking, with TX corn 67% along. The average pace would be to see 4% nationally. The corn crop conditions converted to a 339 on the Brugler500 scale. That was another 9 points below last week. While it is normal to see corn condition ratings drop throughout the growing season, this year’s national rating is losing over 7 points/week on the Brugler500 scale. That is the sharpest decline we have in our data set since 1990.

AgRural reported Brazil’s 2nd crop harvest in the Center-South region at 9.3% finished. That is up from 4.7% last week but trails the 20% pace from last year. 

Jul 23 Corn  closed at $6.23, down 14 1/4 cents, currently down 1 1/4 cents

Nearby Cash   was $5.99 5/8, down 27 1/4 cents,

Sep 23 Corn  closed at $5.56 1/4, down 27 3/4 cents, currently down 13 1/4 cents

Dec 23 Corn  closed at $5.61, down 27 1/4 cents, currently down 14 cents