Corn Gapped Lower Stayed Red

Corn prices reacted to the weekly Crop Progress data overnight with some fractional to 2 cent losses gapping down at the open. Current quotes into the day trade are 2 1/2 to 3 cents in the red. Corn rebounded from initial weakness and settled Monday with fractional to 1 1/4 cent per bushel gains. 

The weekly Crop Progress data from NASS had corn silking at 96% matching the LT average. Corn is in the dough stage on 65% of the acreage and is 2ppts ahead of average. The national crop was 18% dented as of 8/13, compared to 8% last week. Corn conditions improved from a 349 on the Brugler500 to a 353, via major improvement to MO. Most states improved over last week, save for KS, NC, and TX. The long term average Brugler500 Index score for the week is 363. 

Monday’s weekly Export Inspections report had 398k MT of corn shipped for the week that ended 8/10.  Accumulated corn exports through that date total 35.610 MMT or 1.402 billion bushels. That is 86.3% of the WASDE full year forecast for the marketing year ending August 31.  

Brazil’s 2nd crop corn harvest reached 72.8% complete, compared to 83.4% at this time last year. 

Sep 23 Corn  closed at $4.75 3/4, up 1 1/4 cents, currently down 2 3/4 cents

Nearby Cash   was $5.15 3/4, up 5/8 cent,

Dec 23 Corn  closed at $4.87 3/4, up 1/2 cent, currently down 3 cents

Mar 24 Corn  closed at $5.01 1/2, up 1/4 cent, currently down 3 1/4 cents