Corn futures couldn’t hold up from the midday gains on Tuesday, as contracts fell into the close, settling down 1 to 3 31/4 cents. There was likely some pre-report positioning for Wednesday’s WASDE occurring.
NASS reported condition ratings at 74% good or excellent, a 1% drop. The Brugler500 Index dropped 1 point from last week to 384. Shifts by state saw IL and MN down 5 points, with OH 3 points lower. Aside from some other fringe states, ND was the only other major state to see a drop, down 17 points. IA was up 2 points, with IN a point improved, as NE shot 10 points higher. Both SD and MO were up 4 points.
Ahead of Wednesday’s USDA WASDE report traders are expecting to see another reduction to the Argentine corn crop, this time by an average of 1.8 MMT to 51.2 MMT. Brazil’s corn crop is pegged at 121.1 MMT, a 0.9 MMT reduction from the May WASDE.
Jul 24 Corn closed at $4.49 1/2, down 2 1/4 cents,
Nearby Cash was $4.33 5/8, down 1 3/4 cents,
Sep 24 Corn closed at $4.53 3/4, down 2 1/2 cents,
Dec 24 Corn closed at $4.65 1/4, down 3 cents,
New Crop Cash was $4.29 3/8, down 2 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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