Corn futures got a bounce ahead of the midweek holiday, as contracts were anywhere from 1 ¼ to 6 ¼ cents higher at the close. There was some corrective action following the 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 for the rest of the week, 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 condition ratings in IL with a 17 point drop, as OH was 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 closed at $4.50, up 6 1/4 cents,
Nearby Cash was $4.34 3/8, up 7 cents,
Sep 24 Corn closed at $4.55 3/4, up 5 3/4 cents,
Dec 24 Corn closed at $4.67 3/4, up 4 3/4 cents,
New Crop Cash was $4.32 1/2, up 5 1/2 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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