Corn futures are trading through the Turnaround Tuesday session with contracts 5 to 7 cents higher. Predicted 5 day rain accumulations show 1-2” over the southern portions of the Corn Belt this week. Storms rolled through parts of IA, IL, and IN overnight, bringing with it some strong winds, with gusts in some cases exceeding 100 mph. The extent of any crop damage would be unknown at this point.
The weekly Crop Progress report showed that 41% of the US corn crop was silking by July 14, ahead of the 32% average for the date. The crop was also 8% in the dough stage, double the 5-year average pace. Condition ratings were 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 UNCH from last week at 372. By state, IL and ND saw the largest improvements, up 12 points, with Missouri up 2. Most other states saw some deterioration, with OH down 10 points, KS losing 11, IA slipping 4 and NE down 7 points.
Sep 24 Corn is at $3.96 1/2, up 6 cents,
Nearby Cash is at $3.89 5/8, up 6 1/2 cents,
Dec 24 Corn is at $4.09 1/2, up 5 1/4 cents,
Mar 25 Corn is at $4.22 3/4, up 5 cents,
New Crop Cash is at $3.72, up 5 3/4 cents,
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