Corn Slipping Back in Tuesday Morning Trade

Corn prices are down 1 to 2 cents as the trade kicks off Tuesday trade. Futures closed the Monday session slipping back from the highs, rounding out trade with 2 to 5 ½ cent gains. Open interest was up 8,606 contracts on Monday, suggesting new buying. The CmdtyView national average Cash Corn price was up a nickel at $4.18 ¾.

The weekly Crop Progress report showed 59% of the US corn crop silking by July 19, 5 percentage points ahead of the 5-year average, with 13% in the dough stage. US condition ratings were back down 1% at 67% in good to excellent condition, as the Brugler500 index slipped 1 to at 372. 

The weekly Export Inspections report showed corn shipments of 1.55 MMT (60.7 mbu) in the week of 7/16. That was just a 0.31% drop from the week prior but 57.36% above the same week last year. Shipments for the marketing year are now at 73.77 MMT (2.904 bbu) of corn, which is 25.42% above the same period last year.

Brazil’s AgRural estimates the Brazilian second corn crop at 49% harvested, lagging the 55% pace from last year. 

President Trump late on Monday stated the US is putting 50% tariffs on certain Canadian goods citing trade discrimination. Both energy and potash, are exempt.

Sep 26 Corn  closed at $4.49 1/2, up 4 3/4 cents, currently down 1 3/4¾ cents

Nearby Cash  was $4.18 3/4, up 5 cents,

Dec 26 Corn  closed at $4.73, up 5 1/2 cents, currently down 2 cents

Mar 27 Corn  closed at $4.88 1/2, up 5 1/2 cents, currently down 1 1/2 cents

New Crop Cash  was $4.21 1/8, up 4 cents,