Following the final condition ratings for corn, useful in industry yield models, Corn prices are backing off another penny into the Tuesday day session. Futures faded overnight strength during the day session to close 3 ¼ to 3 ¾ cents lower on Monday. A USDA report flash of a 200k MT corn sale to Mexico on Monday morning provided little support.
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 a marketing year low) 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
Weekly Crop Progress data released after the close showed 95% of the corn crop mature on 10/15. That was 3% points ahead of average. Harvest had advanced 11% points to 45% complete. The 5-yr average pace is 42% for 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.
Dec 23 Corn closed at $4.90, down 3 1/4 cents, currently down 3/4 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, currently down 1 cents
May 24 Corn closed at $5.12 3/4, down 3 3/4 cents, currently down 1 3/4 cents
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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