Turn Around Tuesday for Corn

So far, the session has corn fading back by 5 to 11 cents for a turnaround Tuesday. Corn futures ended Monday 19 to 33 1/2 cents higher, with gains of as much as 6.4%. December printed the highest close since June on weather concerns and more Russian attacks on export infrastructure in Ukraine. 

USDA’s weekly Crop Progress report had 68% of the national crop silking as of 7/23. That is 3% points ahead of normal, and included IA at 79% vs 71% on average. IL was 11% points ahead of normal with 88%. NASS also reported 16% in the dough stage vs 14% on average. National conditions were unchanged at a 351 on the Brugler500 Index. Colorado, MO, and MN all dropped on the week, while IL, KS, and TX improved. IA conditions converted to a 362 on the Brugler500, far below last year’s 392. 

USDA reported 309,981 MT of corn was shipped during the week that ended 7/20. That was down 101.5k MT from the week prior and down by 444k MT from the same week last year. Mexico was the week’s top buyer. The inspections report had the season’s accumulated shipment at 34.232 MMT, compared to 51.08 MMT at the same point last year. 

Sep 23 Corn  closed at $5.60 1/2, up 33 1/2 cents, currently down 11 1/4 cents

Nearby Cash   was $6.04 5/8, up 33 cents,

Dec 23 Corn  closed at $5.68 1/4, up 32 cents, currently down 11 1/2 cents

Mar 24 Corn  closed at $5.78 1/4, up 30 3/4 cents, currently down 11 cents