Corn futures posted gains of 6 to 8 ¾ cents across most contracts on Tuesday, extending to new highs. There were another 187 deliveries issued against September corn overnight. The CmdtyView national average Cash Corn price was up 7 1/4 cents at $4.99 3/4.
This week’s Crop Progress report showed 62% of the US corn crop in the dough stage by August 30, with 62% dented and 13% listed as mature. Condition ratings were steady this week at 47% in good to excellent condition, as the Brugler500 index slipped another point to 347 on a 1 point move from excellent to good. By state, IL (-3), IA (-2), MN (-5), ND (-6), OH (-1), SD (-7), TX (-7), and WI (-5) all saw deterioration. Improvement was noted in CO (+29), MI (+8), MO (+4), and NE (+3).
USDA’s monthly Grain Crushing report was out on Tuesday with a total of 474.7 mbu of corn used for ethanol in July. That was 2.3% above last month and 3.75% larger yr/yr.
Brazil’s first corn crop is estimated at 29.3 MMT according to StoneX, up 0.5 MMT from their previous estimate.
Sep 26 Corn closed at $5.21 1/2, up 6 1/2 cents,
Nearby Cash was $4.99 3/4, up 7 1/4 cents,
Dec 26 Corn closed at $5.46, up 8 1/4 cents,
Mar 27 Corn closed at $5.60 1/4, up 8 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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