Corn futures ended the Monday session with contracts falling, most nearby months were down 7 to 11 ½ cents. Some deferreds were 1 to 4 ½ cents in the red. Rains expected in a good portion of the Corn Belt this week added to pressure on the session.
The weekly Crop Progress report showed that 41% of the US corn crop was silking by July 14 as the majority of the US heads into pollination, up from the 32% average for the date. The crop was also 8% in the dough stage, double the 5-year average pace. Condition ratings were reported at 68% gd/ex, unchanged from the week prior and below estimates calling for a 1% improvement. The Brugler500 index taking into account all 5 ratings was steady at 372.
Export Inspections data from this morning showed a total of 1.079 MMT (42.5 mbu) of corn shipped during the week of July 11. That was more than double the same week last year, as the solid shipping pace this year continues, and 5.37% above the week prior. Mexico continues to be the top destination, with 555,962 MT headed that way, 135,150 MT shipped to Taiwan and 119,320 MT to Japan. Accumulated shipments are 44.592 MMT (1.76 bbu) for the year, a 31.32% increase vs. the same period last year.
AgRural pegged the second corn crop in the center-south region of Brazil at 74% complete as of last Thursday, still well above average.
Sep 24 Corn closed at $3.90 1/2, down 11 1/2 cents,
Nearby Cash was $3.82, down 11 cents,
Dec 24 Corn closed at $4.04 1/4, down 10 1/2 cents,
Mar 25 Corn closed at $4.17 3/4, down 10 1/4 cents,
New Crop Cash was $3.66 3/8, down 11 1/2 cents,
On the date of publication, Alan Brugler 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 Disclosure Policy here.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
