Corn Showing Steady Trade as Ratings Slip
Corn price action is steady to a penny lower on Tuesday morning. Futures posted gains ranging from fractional to penny in the front months on Monday. Preliminary open interest was down 29,200 contracts on Monday, with 37,997 contracts exiting September ahead of first notice day on Friday. The CmdtyView national average Cash Corn price was up by a penny at $3.71 ¾.
USDA’s Crop Progress report showed a total of 44% of the corn crop dented, with 7% pegged as mature, both in line with average. Condition ratings were steady at 71% good/excellent, as the Brugler500 index was down 1 point to 381 on a 1% move from excellent to good.
Export Inspections data showed 1.305 MMT (51.39 mbu) of corn shipped during the week that ended on August 21, up 24.12% from the week prior and 38.84% above the same week last year. Mexico was the top destination of 547,624 MT, with 390,300 MT to Japan. Marketing year shipments have totaled 65.526 MMT (2.528 bbu) since September 1, 28.23% larger yr/yr.
Sep 25 Corn closed at $3.89 1/4, up 1 cent, currently unch
Nearby Cash was $3.71 3/4, up 1 cents,
Dec 25 Corn closed at $4.12 1/4, up 3/4 cent, currently down ½ cent
Mar 26 Corn closed at $4.29 3/4, up 1 cent, currently down 1 cent
New Crop Cash was $3.69 7/8, up 1 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.