Corn futures are trading with midday losses of 4 to 6 cents across most contracts. Futures are fading the strength and candlestick reversal from Monday.Â
USDA reported a sale of 137,160 MT of corn to Mexico for 2024/25 shipment this morning.Â
After the close, NASS reported that 94% of the US corn crop was silking, with 60% in the dough stage and 18% dented. The latter two were 4% and 6% above the 5-year average. Condition ratings were unchanged at 67% good/excellent, as the Brugler500 index was steady at 370.
Yesterday’s Crop Production report showed national yield pegged at 183.1 bpa, a record. That was mainly due to record yield projected by NASS out of IA, IL, IN, NE, SD, WI, MI, LA, WA and ID. Â
CONAB revised the 2023/24 Brazilian corn crop 0.21 MMT lower at 115.65 MMT this morning. That compares to the 122 MMT USDA number in their monthly WASDE.
Sep 24 Corn is at $3.78, down 5 1/4 cents,
Nearby Cash is at $3.65 3/8, down 5 1/4 cents,
Dec 24 Corn is at $3.97 1/2, down 4 cents,
Mar 25 Corn is at $4.14 3/4, down 4 1/4 cents,
New Crop Cash is at $3.59 1/1, down 5 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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