Corn Rallies on Tuesday

Corn futures posted gains across the board on Tuesday, with front months closings 7 to 8 ½ cents higher. The nearby cmdtyView US cash corn price was up just 5 ½ cents to $3.74 ½ on Tuesday. 

Weekly Crop Progress data showed 90% of the US corn crop in the dough stage, with 58% dented, 2% ahead the average pace. The crop was also listed as 19% mature, 6% below the average pace. Condition ratings were unchanged at 65% good/excellent, with the Brugler500 index up 1 point to 364. 

This afternoon’s monthly Grain Crushing report showed 473.5 million bushels of corn was used for ethanol production in July. That was a 6.1% increase from last month and 4.01% above the same month last year. 

Export Inspections data from this morning showed 965,292 MT (38 mbu) of corn shipped during the week that ended on August 29. That was up 5.2% from last week and nearly double the same total for this week last year. Mexico was the largest destination of 463,844 MT, with 202,745 MT headed to Japan. Marketing year shipments have totaled 52.03 MMT (2.048 bbu) through that date and near the end of the 23/24 shipping year. 

AgRural estimates the first corn crop out of Brazil at 8% planted, down from 13% in the same point last year.

Sep 24 Corn  closed at $3.86 1/2, up 8 1/2 cents,

Nearby Cash  was $3.74 5/8, up 5 1/2 cents,

Dec 24 Corn  closed at $4.09 1/4, up 8 1/4 cents,

Mar 25 Corn  closed at $4.27 1/4, up 8 1/4 cents,

New Crop Cash  was $3.74 5/8, up 2 3/4 cents,