Corn Weakness Carries into Tuesday

Corn futures closed the Tuesday session with contracts down 12 to 18 cents in the day. Weather is still playing a factor, with the 7-day QPF is putting a little precip back into parts of MN, and northern IA and IL. Precip totals are heavier in most of the South as well.

The Barchart US yield forecast for US corn was updated to 175.37 bpa, down 2.44 bpa from their previous estimate. 

Crop Progress data from Monday afternoon showed that just CO and MI were further along in the dent state than their respective averages. Overall condition ratings were weaker. Much of the deteriorating conditions came via the WCB and Plains, with IA (-10), KS (-13), NE (-6), MO (-7), ND (-6) and SD (-15) all lower. Ratings in IN, MN and a few other states were higher.

AgRural estimates the Brazilian second corn crop was 85% harvested as of 8/11, vs. the 70% at the same time last year.

Sep 22 Corn  closed at $6.11, down 15 3/4 cents,

Nearby Cash   was $6.66, down 17 5/8 cents,

Dec 22 Corn  closed at $6.10 1/4, down 18 cents,

Mar 23 Corn  closed at $6.18, down 17 3/4 cents,

New Crop Cash   was $5.77 5/8, down 16 3/4 cents,