Corn prices are showing fractional to 2 ½ cent gains this morning, setting up for a Turnaround Tuesday. Futures fell out of the opening gates on Monday, with front months down 12 ½ to 17 ¼ cents and deferred contracts losing 4 ½ to 9 ½ cents. There were zero delivery notices vs. July corn futures overnight. They expire on Friday.
Crop Progress data showed 24% of the corn crop as silking 10% above normal, with 3% in the dough stage. Condition ratings improved 1% to 68% gd/ex with the Brugler500 index up 2 points to 372. Rains over the next week will be focused mostly in the ECB, with Hurricane Beryl bringing rains from the Gulf through southeast MO and IL, and potentially into parts of IN, MI and OH.
Export Inspections data from Monday morning showed 1.024 MMT (40.3 mbu) of corn shipped in the week that ended on July 4th. That was more than double the same week last year and a 9.96% jump from the previous week. Accumulated exports for the marketing year are now at 43.51 MMT (1.713 bbu), a 29.75% increase from the same period in the previous marketing year.
Commitment of Traders data released after the close showed spec funds extending their net short to a near record 336,538 contracts in the week that ended on July 2. That was a 58,872 contract extension on the week. Commercials were net long 46,030 contracts.
Jul 24 Corn closed at $3.95 3/4, down 15 1/2 cents, currently up 2 ½ cents
Nearby Cash was $3.80 3/8, down 17 cents,
Sep 24 Corn closed at $3.93 1/4, down 17 1/4 cents, currently up 1 cent
Dec 24 Corn closed at $4.07 3/4, down 16 1/4 cents, currently up 1 cent
New Crop Cash was $3.68 1/2, down 17 cents,
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