Corn Higher Following Overnight Trade

Corn futures are trading 3 to 6 1/2 cents higher following overnight action. Corn was down 12 to 18 cents on Tuesday as crop ratings did not drop as much as expected. Long liquidation was noted in September, but overall open interest rose 1,680 contracts on a down 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. Harvest is finished in Mato Grosso but continues further south. Paranagua sources also note that Brazil is shipping DDGs to Vietnam now that some of their ethanol production is coming from corn and not just sugar cane. A 55,000 MT cargo was reported leaving port.

Sep 22 Corn  closed at $6.11, down 15 3/4 cents, they are up 6 ¼ cents this morning

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

Dec 22 Corn  closed at $6.10 1/4, down 18 cents, they are up 4 ¾ cents this morning

Mar 23 Corn  closed at $6.18, down 17 3/4 cents, they are up 5 cents this morning

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