Corn futures closed out the Monday session with contracts rallying 7 to 9 cents across most front months.
Crop Progress data from this afternoon showed 74% of the US corn crop in the dough stage by August 18, with 30% dented and 5% mature, all 2-4% faster than the 5-year average pace. Conditions were unchanged in the gd/ex categories at 67%, with the Brugler500 index dropping 2 points to 368 as 1% shifted from fair to very poor.
Export Inspections data showed 1.17 MMT (45.91 mbu) in corn shipments during the week that ended on August 15. That was more than double the same week last year and 18.24% above the previous week. Mexico was the top destination of 569,429 MT, with another 339,542 MT headed to Japan. Marketing year shipments have totaled 50.099 MMT (1.972 bbu) since September 1, 2023, which is 38.47% above the same time last year.
The first leg of the ProFarmer Crop Tour kicked off today, with participants in southeast South Dakota/northeast Nebraska and Ohio/eastern Indiana today. Day 1 results will be announce later today.
Sep 24 Corn closed at $3.78, up 7 1/2 cents,
Nearby Cash was $3.65 3/4, up 7 1/4 cents,
Dec 24 Corn closed at $4.00 1/4, up 7 3/4 cents,
Mar 25 Corn closed at $4.19 1/4, up 8 1/4 cents,
New Crop Cash was $3.58 1/2, up 3 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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