Corn Falls Back on Turnaround Tuesday

Corn futures closed out the Tuesday session falling lower, down 2 to 7 cents across most contracts at the close. Crude oil, down $5.20, added pressure. The CmdtyView national average Cash Corn price was down 7 1/4 cents at $4.13 1/2.

The weekly Crop Progress report showed condition ratings slipping 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). 

The next week is looking at precip across much of IA, MO, IN, WI, MI, OH northern IN and southern MN.

StoneX estimates the US corn yield at 184.8 bpa following their customer survey, with a production total at 16.16 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 and 9.29% above May. Distillers exports 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  closed at $4.42 1/4, down 7 cents,

Nearby Cash  was $4.13 1/2, down 7 1/4 cents,

Dec 26 Corn  closed at $4.65 1/2, down 7 cents,

Mar 27 Corn  closed at $4.81 1/2, down 6 3/4 cents,

New Crop Cash  was $4.16 3/8, down 7 1/4 cents,