Corn futures are posting 4 to 7 cent gains across most contracts on Tuesday’s midday. They are being helped by some corrective action on a drop in condition ratings and very few prospects of rain in the ECB over the next week as temps warm up.
We will be on a delayed report schedule after today’s close with the market and government closed for Juneteenth on Wednesday. EIA data will be pushed back until Thursday, with Export Sales out on Friday morning.
Weekly Crop Progress data showed 93% of the US corn crop emerged, 1% ahead of normal. Condition ratings slipped 2% to 72% gd/ex. The broader Brugler500 index was 3 points lower to 381. By state, IL saw a 17 point drop to conditions, with OH down 9, IN down 1 and NE deteriorating 5 points. There was some improvement in MO by 7 points and IA by a single point.
Jul 24 Corn is at $4.49 1/2, up 5 3/4 cents,
Nearby Cash is at $4.34 5/8, up 6 1/4 cents,
Sep 24 Corn is at $4.55, up 5 cents,
Dec 24 Corn is at $4.67 1/4, up 4 1/4 cents,
New Crop Cash is at $4.31 3/4, up 4 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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