Corn Fading Back for Possible Turnaround Tuesday

Corn is starting off Tuesday in Turnaround mode, down 5 3/4 to 10 1/2 cents following the Monday rally. Preliminary OI data showed net new buying for December and the other new crops, with a  20k increase. Sep was down by 28k contracts and open interest across the corn futures as a whole was 5,135 contracts lighter. Corn closed 11 1/2 to 18 3/4 cents higher on Monday, and near the intraday highs. September closed with a 3/4 cent premium to December, though the cmdtyView cash index still has prices in the $7s as an ~44 1/8 cent premium to Sep. December 2023 contracts closed 7 cents higher to $6.23 1/4. 

USDA’s Crop Progress report showed 86% of the corn crop was in or past the dough stage, and 46% was dented. That compares to the 5-yr average pace of 88% and 52% respectively. NASS saw 8% of the crop mature, with 72% in TX and 24% in KS. Last week national maturity was 4% and the 5-yr average for wk 35 is 9%. NASS showed 18-state corn conditions 54% good or excellent, vs. 55% last week. Overall corn conditions were a 339 on the Brugler500 Index, which was down from 342 last week. Ratings for CO, TN, and KS were notably lower wk/wk. 

USDA reported weekly corn shipments were 689,052 MT from the week that ended 8/25. That was down from 821k MT last week but compares to 583k MT inspected during the same week last year. As the MY rounds out, USDA reported the weekly total corn exports at 54.6 MMT. Last year’s export program reached 66 MMT at this point. 

Sep 22 Corn  closed at $6.83 3/4, up 15 cents, currently down 10 3/4 cents 

Nearby Cash   was $7.27 7/8 on Monday, up 10 1/4 cents,

Dec 22 Corn  closed at $6.83, up 18 3/4 cents, currently down 10 cents

Mar 23 Corn  closed at $6.87 3/4, up 18 cents, currently down 9 1/2 cents

New Crop Cash   was $6.55 ¾ on Monday, up 19 3/8 cents,