Double Digit Gains for Tuesday Corn

Corn prices rallied double digits on Tuesday, closing the day with 2.6% to 2.9% gains of as much as 17 cents. December was back above the $6 mark at the bell. December ’23 corn futures posted 6 3/4 cent gains around $5.60. 

NASA’s GRACE-Based Root Zone Soil Moisture shows that most of Ohio into Southern Michigan is among the wettest on record for the period 1948-2012. That is a sharp contrast to the S.E. NE and Western KS which is among the driest on record for the same period. From WI through IL and IN into AR the map reads normal to wetter, with MN, SD, and E. NE reading normal to dry. Most of IA is in the 10th to 20th percentile of soil moisture quantity (deficit).

Brazil’s AgRural reported the 2nd crop harvest as 62% complete. That compares to 53% last week and the 39% last season. They figure the output at 87.3 MMT for the 2nd crop. 

EU’s Crop Monitoring system reduced the EU corn yield estimate by 9.2 bpa to ~107.8 citing the heat. 

Sep 22 Corn  closed at $5.97, up 17 cents,

Nearby Cash  was $6.83 1/2, up 17 cents,

Dec 22 Corn  closed at $6.00 3/4, up 17 cents,

Mar 23 Corn  closed at $6.07 1/2, up 16 3/4 cents,

New Crop Cash  was $5.64 1/8, up 17 1/8 cents,