Corn closed out the Turnaround Tuesday session with positive trade action. Futures were 2 ½ to 5 ¼ cents higher on the day, spurred by some likely short covering.
Predicted 5 day rain accumulations show 1-2” over the southern portions of the Corn Belt this week. Much of the Corn Belt for the northern 2/3 of the ECB over to IA and north are looking as just trace amounts. Storms rolled through parts of IA, IL, and IN overnight, bringing with it some strong winds, with localized gusts in some cases exceeding 100 mph. The extent of any crop damage would be unknown at this point.
The cmdtyView cash corn price index was $3.88 ¼ as of Tuesday’s close, taking the national basis to 7 ½ cents below the September board. That is the tightest national basis level since August 2023 but compares to the 44 ½ cent positive basis for the same day last year.
The weekly Crop Progress report condition ratings at 68% gd/ex, unchanged from the week prior and a Brugler500 index of 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 closed at $3.95 3/4, up 5 1/4 cents,
Nearby Cash was $3.88 1/4, up 6 1/4 cents,
Dec 24 Corn closed at $4.08 3/4, up 4 1/2 cents,
Mar 25 Corn closed at $4.22, up 4 1/4 cents,
New Crop Cash was $3.71 1/2, up 5 cents,
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