Corn prices are coming out of the one-day break with contracts reverting back 3 to 4 cents lower. 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, as the market and government were closed for Juneteenth on Wednesday. EIA data will be released today, with some calling for a slight drop to ethanol production, and Export Sales out on Friday morning
Weekly Crop Progress data showed condition ratings in IL with a 17 point drop in the Brugler500 index, 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 for the week.
Jul 24 Corn closed at $4.50, up 6 1/4 cents, currently down 3 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, currently down 4 cents
Dec 24 Corn closed at $4.67 3/4, up 4 3/4 cents, currently down 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.
/Semiconductor%20Chip%20by%20Gorodenkoff%20via%20Shutterstock.jpg)
/Oracle%20Corp_%20office%20logo-by%20Mesut%20Dogan%20via%20iStock.jpg)
