Corn futures held onto gains heading into the Tuesday close, as contracts were up 1 to 2 cents in the nearbys. The front month CmdtyView national average Cash Corn price was up 1 1/4 cents at $3.88 3/4.
Crop Progress data from Monday showed steady crop ratings at 74% gd/ex and 385 on the Brugler500 index. By state, IN was down 2, with SD and OH slipping 1, and MI falling 9. Improvement was noted in MO (+14), ND (+6), NE and IL (+3), with IA ratings steady.
Rains are expected to be rather widespread this next week according to NOAA’s 7-day QPF, with much of the Corn Belt seeing 1 to 3 inches.
Brazil corn exports are expected to total 4.3 MMT in July according to ANEC, a 0.26 MMT increase from their prior number and above the 3.55 MMT from last year.
EIA data will be released on Wednesday morning with some looking for a steady ethanol production number during the week that ended on July 11.
Sep 25 Corn closed at $4.01 1/4, up 1 1/4 cents,
Nearby Cash was $3.88 3/4, up 1 1/4 cents,
Dec 25 Corn closed at $4.19 3/4, up 1 3/4 cents,
Mar 26 Corn closed at $4.36 3/4, up 2 cents,
New Crop Cash was $3.77 1/4, up 1 1/2 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. This article was originally published on Barchart.com
