Corn futures are posting a Turnaround Tuesday rally, following a drop in condition ratings on Monday afternoon. Contracts are up 10 to 12 ½ cents in the front months at midday.
After the Monday close, NASS reported crop ratings slipping a bit last week, down 3% in the good and excellent categories at 58%. That took the Brugler500 index rating 7 points lower to 348, the lowest for this week since 2005 (excluding 2012 which was far lower). By state, much of the drop was in the Plains, with KS down 12, ND 15 points lower, SD down 16, and NE dropping 10 points. Conditions in IA and MN were also down 4 points. The ECB was in a little better condition, with IL up 4, IN 6 points higher and OH steady.
USDA reported a new crop flash sale of 133,000 MT to China via their daily reporting system this morning.
A Bloomberg survey puts the trade average guess for US corn yield at 176 bpa in Friday’s report, down 1 bpa from July.
Sep 22 Corn is at $6.21, up 12 1/2 cents,
Nearby Cash is at $6.93 3/8, up 11 1/8 cents,
Dec 22 Corn is at $6.18 3/4, up 11 1/2 cents,
Mar 23 Corn is at $6.26 1/2, up 11 1/4 cents,
New Crop Cash is at $5.84 1/1, up 11 7/8 cents,
/Broadcom%20Inc%20HQ%20photo-by%20Sundry%20Photogrpahy%20via%20iStock.jpg)
/Super%20Micro%20Computer%20Inc%20logo%20on%20building-by%20Poetra_RH%20via%20Shutterstock.jpg)
/Intel%20Corp_%20Santa%20Clara%20campus-by%20jejim%20via%20Shutterstock.jpg)
/Apple%20Inc%20Tim%20Cook-by%20John%20Gress%20Media%20Inc%20via%20Shutterstock.jpg)