Corn Fractionally Higher after Strong Losses Monday

Corn futures are currently fractionally to 2 cents higher as we enter August. Overnight trade led the market both ways with a 8 cent range overnight. Futures ended Monday ~5c off their session lows but still 10 3/4 to 17 1/4 cents in the red. December futures gained a net 17 ¼ cents over the month of July. The trading range for the month was $1.905! CME OI data confirmed yesterday’s selloff was mostly long liquidation in the December contract, and net new selling in other months. Overall, OI dropped only 330 contracts.  

USDA’s weekly Crop Progress report had 84% of the crop silking at the national level, compared to 68% last week and 82% on average. NASS also had 29% in the dough stage as of Sunday, matching the average pace. Crop conditions were 55% good/ex, which was down 2ppts from last week with 1% point to each. All five categories combined ` reduced the Brugler500 score to 345, from 351 last week. By state, Texas and Kansas fell the most each by more than 20 points from last week. IA, MN, MO, NE, and the Dakotas were also lower on their respective Brugler500 index. 

Weekly Inspections data showed 522,927 MT of corn was shipped during the week that ended 7/27. That was up 193k MT for the week, but down from 905k MT during the same week last year. USDA also added 53.6k MT to past reports, which left the season’s total at 34.809 MMT. That remains 33% behind last year’s pace. 

Sep 23 Corn  closed at $5.04, down 17 cents, currently up 1 1/4 cents

Nearby Cash   was $5.45, down 16 7/8 cents,

Dec 23 Corn  closed at $5.13, down 17 1/4 cents, currently up 3/4 cent

Mar 24 Corn  closed at $5.25, down 16 3/4 cents, currently up 1/2 cent