Corn Fading Early Gains for Midday Tuesday Weakness

Corn futures are showing fractional to 1 ¼ cents so far at Monday’s midday. The CmdtyView national average Cash Corn price is down 1 1/4 cents at $4.35.

The ProFarmer Crop Tour started on Monday, with South Dakota corn yields averaging 149.09 bushels per acre down 14.41% from the last year and 8.37% below the 3 year average. Ohio yields came in at 180.18 bpa, down 2.97% from a year ago and a 2.25% decline from the three year average. Results for Indiana and Nebraska will be announced later this evening.

The weekly Crop Progress report showed 76% of the US corn crop in the dough stage by August 16, with 29% dented and 4% listed as mature. Condition ratings were down 1% this week at 60% in good to excellent condition, as the Brugler500 index was down 3 points to 353. By state, KS (-18), SD (-13), IN (-9), MN (-8), WI (-6), CO (-24), and TX (-11) all saw deteriorating conditions. Improvement was noted in NE (+2), ND (+17), OH (+7), as well as PA, NC, MI and KY.

ANEC estimates the Brazilian corn export total in August at 5.63 MMT, a 0.46 MMT increase from last week’s number.

Sep 26 Corn is at $4.63 3/4, down 1 1/4 cents,

Nearby Cash is at $4.35 1/1, down 1 1/4 cents,

Dec 26 Corn is at $4.88 1/2, down 1 cent,

Mar 27 Corn is at $5.04 1/2, down 3/4 cent,

New Crop Cash is at $4.39 1/1, down 1 1/2 cents,