Corn futures fell back off midday gains on Tuesday, with contracts steady to 1 ½ cents lower, with a ¾ cent gain in front month July. The CmdtyView national average Cash Corn price was up 1 1/2 cents at $3.86 1/4.
USDA reported a private export sale of 120,000 MT of old crop corn to unknown destinations this morning.
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NASS Crop Progress data from Monday showed 97% of the US corn crop planted by June 7, with emergence at 86%, near the 5-year average. US condition ratings were 67% in good to excellent condition, steady with the previous week. The Brugler500 index was up 1 point on higher excellent ratings to 372. Conditions dropped in TX by 11 points and IN by 10. Improvement was noted in IA (+2), NE (+4), and IL (+5).
USDA will release their monthly WASDE report on Thursday, with a Bloomberg survey of traders looking for a 6 mbu cut to old crop corn US carryout at 2.136 bbu, with new crop seen at 1.947 bbu, a 10 mbu reduction if realized.
A South Korean importer purchased 134,000 MT of corn in a tender overnight.
Jul 26 Corn closed at $4.19 1/2, up 3/4 cent,
Nearby Cash was $3.86 1/4, up 1 1/2 cents,
Sep 26 Corn closed at $4.27 1/2, unch,
Dec 26 Corn closed at $4.45 1/4, down 3/4 cent,
New Crop Cash was $4.01 1/2, up 1/4 cent,
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. This article was originally published on Barchart.com
