Corn Facing Turnaround Tuesday Pressure

Corn futures are trading with 7 to 8 cent losses across most contracts at midday on Tuesday, reverting from Monday gains. Crude oil, down $4.30, is adding pressure. The CmdtyView national average Cash Corn price is down 7 3/4 cents at $4.12.

The weekly Crop Progress report showed 90% of the US corn crop silking by August 2, with 43% in the dough stage, 5 percentage points ahead of normal. The crop was also 6% dented. US condition ratings slipped another 2% at 61% in good to excellent condition, as the Brugler500 index were down 5 points to 356.Deteriotraion was noted in ND (-26), KS (-20), NE (-15), MN (-6), WI (-5), SD (-4) and MO (-1). Some improvement was seen in the I states, with IA (+2), IL (+4), and IN (+1), as well as OH (+4). 

Grain Crushing data from Monday showed 466.71 mbu of corn used for ethanol production in June, down 1.5% from last month and 4.43% larger yr/yr to a record June total. Marketing year production is now 76 mbu above last year at 4.595 bbu. 

June exports of corn were tallied at 7.926 MMT (312 mbu) according to Census data released this morning, which was a record for the month an 9.29% above May. Distillers exprots were 1.099 MMT, an 11-year high for the month of June and the largest since October. Ethanol shipments were a record 206.06 million gallons, a 8.65% increase from May. 

Sep 26 Corn is at $4.41 1/2, down 7 3/4 cents,

Nearby Cash is at $4.12 1/1, down 7 3/4 cents,

Dec 26 Corn is at $4.64 3/4, down 7 3/4 cents,

Mar 27 Corn is at $4.80 1/2, down 7 3/4 cents,

New Crop Cash is at $4.15 1/4, down 8 1/2 cents,