Corn Bulls Battling on Tuesday

Corn futures have faded the early weakness on Tuesday, but are back to lower at midday, contracts are down fractionally to a penny so far on the day.

June corn exports out of the US totaled 5.496 MMT (216.38 mbu), which was a 3-year high but down 7.89% from the May shipment total. The official Census data has exports at 47.81 MMT, or 1.88 bbu, through June, leaving 342 mbu needed to reach USDA’s projection in the last 2 months of the marketing year.

Exports of distillers in June totaled 945,592 MT, a 3-year low. Ethanol shipments, however, totaled 145.87 million gallons, which was down 6% from May but a record for June.  

NASS data released yesterday afternoon showed the US corn crop 88% silking, on par with normal, as 46% were in the dough stage and 7% dented, both ahead of normal. Condition ratings across the country were down a total of 1% to 67% gd/ex, as the Brugler500 index, taking in all 5 USDA categories, was down 2 to 370. In the Plains states, conditions were deteriorating, with NE down 7 points on the Brugler500 index, KS losing 13 points, and Texas dropping 19 points. Conditions in IL and ND were up 10 points, with IN and MN improving 2 points.

Sep 24 Corn is at $3.89 3/4, down 1 cent,

Nearby Cash is at $3.79 1/4, down 1/2 cent,

Dec 24 Corn is at $4.06 1/4, down 3/4 cent,

Mar 25 Corn is at $4.23 1/4, down 1 cent,

New Crop Cash is at $3.70 3/4, down 1 1/4 cents,