Corn Holds Losses into the Tuesday Close
Corn futures gave back some of the Monday gains on Tuesday, closing with losses of 1 to 2 cents of most contracts. The CmdtyView national average Cash Corn price was down 2 cents at $3.75.
Late on Monday, NASS reported the US corn harvest progress at 4% complete. Harvest was at 1% in IN and 2% in IL, with MO at 9% complete. Condition ratings were down 1% to 68% gd/ex, with the Brugler500 index down 1 point to 375. Noticeable ratings drops were noted in OH, down 23, with MI dropping 10 and IA down 9.
USDA will release their monthly Crop Production report on Friday, with a Reuters survey of analysts looking for a 2.6 bpa reduction to yield this month to 186.2 bpa. Production is seen at 16.516 bbu, which would be down 226 mbu from the August estimate.
ANEC estimates the Brazilian corn exports in September at 6.96 MMT, up 0.59 MMT from their estimate last week.
Sep 25 Corn closed at $4.01 1/4, down 1 3/4 cents,
Nearby Cash was $3.75, down 2 cents,
Dec 25 Corn closed at $4.19 3/4, down 2 cents,
Mar 26 Corn closed at $4.37 1/2, down 2 cents,
New Crop Cash was $3.75 1/1, down 2 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.