Corn Back to Early Strength on Wednesday, as Tour Yields Continue Decline

Corn prices are up 2 to 3 cents so far on Wednesday morning. Futures posted mixed trade on Tuesday, with contracts closing as much as 1 ¾ lower to a penny higher across the board. Open interest was up just 6,454 contracts on the day. The CmdtyView national average Cash Corn price was down 1 3/4 cents at $4.35 1/2.

The ProFarmer Crop Tour started rolled along on Tuesday, with Nebraska corn yields averaging 163.61 bushels per acre down 8.85% from the last year and 5.6% below the 3 year average. Indiana yields came in at 183.54 bpa, down 5.3% from a year ago and a 2.1% decline from the three year average. Results for Illinois will be announced later this evening.

The weekly Crop Progress report showed condition ratings down 1% this week at 60% in good to excellent condition, as the Brugler500 index was down 3 points to 353. By state via the Brugler500 index 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  closed at $4.63 1/4, down 1 3/4 cents, currently up 2 3/4 cents

Nearby Cash  was $4.35 1/2, down 1 3/4 cents,

Dec 26 Corn  closed at $4.88, down 1 1/2 cents, currently up 2 3/4 cents

Mar 27 Corn  closed at $5.04, down 1 1/4 cents, currently up 2 3/4 cents

New Crop Cash  was $4.38 1/4, down 2 1/4 cents,