Corn futures are up by 8 to 12 1/2 cents in early Tuesday action. The board closed 7 1/4 to 8 1/4 cents lower on Monday, expecting improved crop condition ratings and yield projections.Â
NASS Crop Progress data showed 47% of US corn was silked as of Sunday, 4% ahead of  normal for the date, with 7% in the dough stage vs. the 6% average. Condition ratings were up 2% to 57% gd/ex, with all 5 condition categories yielding a 351 on the Brugler500 index, up 4 points from last week.Â
The Black Sea Grain Initiative (BSGI, aka Grain Corridor Deal) has been halted by Russia. No vessels had been permitted to enter the three Ukrainian ports since June 30. Approximately 17 MMT of Ukrainian corn was shipped via the Corridor since last July. The largest beneficiary by far was China.Â
USDA reported 363,818 MT of corn export inspections for the week that ended 7/13. That was slightly above last week, but down from 1.09 MMT during the same week last year. Mexico and China were the top destinations. The weekly report had the season’s total at 33.87 MMT as of 7/13, compared to 50.3 MMT from last year.Â
Sep 23 Corn  closed at $4.99 1/4, down 7 1/4 cents, currently up 12 cents
Nearby Cash  was $5.44 7/8, down 8 3/8 cents,
Dec 23 Corn  closed at $5.06, down 7 3/4 cents, currently up 12 cents
Mar 24 Corn  closed at $5.17 1/4, down 8 1/4 cents, currently up 11 1/2 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.
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