Corn Closed Weaker on Monday

Futures faded the overnight strength through the day session to close 3 ¼ to 3 ¾ cents in the red. Dec stayed below the $5 mark through the session. 

NOAA’s updated 7-day QPF shows drier conditions for the corn belt to help with harvest pace. USDA will update harvest progress after the close. 

Weekly Crop Progress data had 95% of the corn crop mature as of 10/15. That was up from 89% last week and is 3% points ahead of average. Harvest had advanced 11% points to 45% complete. The 5-yr average pace is 42% as of 10/15. Corn conditions improved 1 point for the week to 339 on the Brugler500 Index. That is 2 points over the same week last year, but 35 below the initial condition ratings. The state by state conditions showed Colorado, IA, OH, and PA improved the most from last week. 

The weekly CFTC update showed managed money closed out 36.6k shorts (11.3% of existing), and reduced their net short to 112,691 contracts as of 10/10. 

USDA’s daily reporting system flashed a 200k MT corn sale to Mexico this morning. 

Weekly Inspections data showed 434,471 MT of corn was shipped during the week that ended 10/12. That was down from 804k MT last week and slightly below the same week last year. Mexico was the top destination with over half of the total, Colombia was also the destination for over 100k MT. The full season total was up to 3.93 MMT 

Dec 23 Corn  closed at $4.90, down 3 1/4 cents,

Nearby Cash   was $4.59 7/8, down 3 1/8 cents,

Mar 24 Corn  closed at $5.05, down 3 1/2 cents,

May 24 Corn  closed at $5.12 3/4, down 3 3/4 cents,