Corn Closed Stronger to Start the Week

Corn futures ended the session with 6 ¾ to 8 ¼ cent gains after the Monday session. Dec closed near the high for the session, but stayed under the $5 mark for the close. 

NASS reported the national corn crop was 88% in the dough stage as of 8/27. That was a 10% point advancement through the week and remains 2% points ahead of average. The update showed 51% was dented compared to 49% on average. USDA also mentioned 9% of the crop reached maturity as of 8/27, up 5% points for the week and 1 ppts ahead of average. Crop condition ratings fell by 7 points on the Brugler500 Index to 342. IL, NC, MO, WI, and TN all improved slightly while most states were double digits weaker on the index. NE fell the most with an 18 point drop to 337. MO remains the lowest rated with a 291 on the Brugler500. 

USDA flashed a 123k MT sale of new crop corn to Mexico this morning via the mandatory reporting system. 

USDA’s weekly Export Inspections report had 597,144 MT of corn shipments for the week that ended 8/24. That was up from 511k MT last week but down from the 700k MT shipped during the same week last year. The weekly report had the season total at 36.779 MMT (1.448 bbu). 

According to Patria Agronegocios, Brazil has harvested 82.8% of the 2nd crop, compared to 89.2% last year. BAGE estimates Argentina’s planted area will expand nearly 3% vs. LY to 7.3m HA (16m acres). 

Russia lowered their corn export tax to 1,932 rubles/MT, down from 2,495. 

Sep 23 Corn  closed at $4.78 1/2, up 7 3/4 cents,

Nearby Cash   was $5.02 3/8, up 0 cent,

Dec 23 Corn  closed at $4.96 1/4, up 8 1/4 cents,

Mar 24 Corn  closed at $5.11, up 8 1/4 cents,